SCC nominates US Oct methanol down 3.5 cents

24 September 2008 18:12  [Source: ICIS news]

HOUSTON (ICIS news)--Southern Chemical Corporation (SCC) on Wednesday nominated a lower North American contract price for October methanol, snapping a string of four consecutive rollovers amid weaker spot prices.

The Houston-based methanol marketer's October nomination at 151.5 cents/gal ($502/tonne, €341/tonne) FOB (free on board) US Gulf was a 3.5 cents/gal decrease from September’s contract, and marked the first drop since May.

“A minimal decrease makes sense,” said a trader. Lower spot levels should bring lower contract pricing, he added.

Spot prices were at 142-146 cents/gal FOB US Gulf, according to ICIS pricing.

Major producer Methanex has not yet nominated its October contract price for North America.

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By: Steven McGinn
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