28 September 2010 20:10 [Source: ICIS news]
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SCC's nomination followed Methanex's rollover of its $1.08/gal price. That put the October contract range of $1.08-1.09/gal a full 2 cents/gal higher than September's $1.05-1.08/gal range, which averaged $1.065/gal.Spot prices have inched up over the past week, bottoming out at 94 cents/gal and touching 98 cents/gal on Monday.
Sources attributed the gradual move up in the spot market to slightly tighter supply expected in October from scheduled turnarounds at two methanol plants, one in Trinidad and the other in Venezuela.
Suppliers Methanex and SCC historically have set the range of the monthly contract.
A buyer had said the current spot range of 97-98 cents/gal would make it reasonable for SCC to match Methanex's nomination. Market sources last week said that an October contract range of $1.08-$1.10/gal made sense, based on spot prices.
Earlier this month, Methanol Holdings (Trinidad) Limited (MHTL) rescheduled a planned turnaround at its M5000 methanol unit in Trinidad to the first half of October.
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