NewsFlashMethanex rolls over Asia methanol APCP

31 July 2008 02:52  [Source: ICIS news]

SINGAPORE (ICIS news)--Methanex said on Thursday that it has rolled over the August Asian Posted Contract Price (APCP) for methanol from the previous month.

The Vancouver-based company’s August price at $500/tonne (€320/tonne) CFR (cost and freight) Asia was unchanged for two months since June.

The rollover was anticipated by the market, amid similar levels in Asian spot values, said Korean buyers.

With the current rainy season, demand for key downstream converter formaldehyde has been weak. However, this was expected to pick up towards the end of the season in August.

The sources added that ample supply in the market was not conducive to increases.

APCP is the benchmark for methanol contracts in South Korea and Japan, where large importers buy on negotiated formulas based on this number.

Methanex had earlier nominated North American non-discounted reference price for March at $1.58/gal ($522/tonne), a rollover as well.

($1 = €0.64)

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By: Heng Hui
+65 6780 4359

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