05 June 2009 17:17 [Source: ICIS news]
LONDON (ICIS news)--European spot methanol values have moved 6% higher this week on tightening supply due to reduced imports from the Middle East, market sources said on Friday.
Several thousand tonnes were traded this week on the European spot market, with June deals reported at €139-143/tonne ($196-201/tonne) FOB (free on board) ?xml:namespace>
July was confirmed in a €143-146/tonne range. A 1,000-tonne, third-quarter strip was also sold at €140/tonne.
“Plant outages in the
SABIC said that methanol plants with a combined capacity of 5.7m tonnes/year were running at reduced rates of about 90% due to water problems.
Additionally, the Chinese market offered better netbacks for
“Demand [and prices] in
Market sources speculated that higher spot values might lead to an increase in the third-quarter contract price, but most said they had not yet engaged in negotiations.
($1 = €0.71)
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