Methanex agrees Q4 Europe contract price at €223/tonne

30 September 2009 17:30  [Source: ICIS news]

LONDON (ICIS news)--Global major Methanex has agreed its fourth-quarter European methanol price at €223/tonne ($323/tonne), an increase of €64/tonne from the third quarter, a company source said on Wednesday.

The company sets its own quarterly contract price, the Methanex European Posted Contract Price (MEPCP), independently, but agreed to follow the industry agreed settlement which was reached on Tuesday.

“We indicated a month ago in the mid €200s/tonne and after discussion probably in the lower end of that range. This is fair if you look at the spot numers in China, which is what we look at,” said the source.

The industry agreed contract was yet to be fully confirmed, but had received widespread support from a number of large players on both the consumer and producer sides.

Methanol derivatives include formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).

($1 = €0.69)

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By: Shelley Kerr
+44 20 8652 3214

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