07 August 2009 16:07 [Source: ICIS news]
LONDON (ICIS news)--European spot methanol prices are up €10/tonne ($14/tonne) from late July due to short-term tight supply and logistical problems, market sources said on Friday.
Methanol traded this week at €179-180/tonne FOB (free on board) ?xml:namespace>
Sources attributed the firm trend to short-term tightness as a result of delays to inbound cargoes.
“We are surprised to see that now
Many market participants did not believe the trend would be sustainable.
“It can’t go higher unless its desperation short-term, but that all seems to be gone. I think we might have reached the peak,” said a European trader.
Fresh cargoes were expected to arrive in the coming days and weeks which would ease the recent pressure in the market, participants said.
“According to our information there will be some sea vessels coming in this weekend. From the middle of next week there should be quite a lot of material, we just don’t know if it’s already committed,” said a source at a large European consumer.
($1 = €0.70)
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