28 March 2011 16:40 [Source: ICIS news]
LONDON (ICIS)--An initial second-quarter European methanol contract price has been agreed between a seller and a buyer at €305/tonne ($430/tonne), down €10/tonne from the first quarter, the two parties said on Monday.
Confirmation from other market players was pending, with many attending the annual National Petrochemical and Refiners Association meeting in ?xml:namespace>
One large consumer said it was still in discussions and would not commit to €305/tonne for the time being. It added, however, that the price was “not bad” and that once two parties had made an initial agreement it was often difficult to settle on a different price.
The agreement follows Methanex’s announcement on 17 March of its independent, second-quarter European posted methanol price of €305/tonne.
Both the buyer and the seller involved in the initial settlement said the price posted by Methanex had undoubtedly influenced the outcome of their negotiations.
“Once someone goes for a number, it’s hard to get a different one,” said the seller.
The initial second-quarter settlement was made on free on board (FOB)
($1 = €0.71)For more on methanol visit ICIS chemical intelligence
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