05 August 2011 16:56 [Source: ICIS news]
LONDON (ICIS)--Hours after market sources had predicted European methanol prices would continue increasing, a flurry of trades were concluded on Friday afternoon at progressively lower prices, ending €11/tonne below the previous day’s level.
Trading began at €280/tonne ($394/tonne) FOB (free on board) Rotterdam and finished at €273/tonne, compared with €284/tonne on Thursday.
It is unclear what caused the sharp decrease. Many players suggested news regarding Methanex's 1.7m tonne/year Atlas plant had emerged that was not as bad as previously feared.
The plant, located at Point Lisas in Trinidad, went down unexpectedly during the week ended 22 July and there were concerns that it could be down for up to a month.
On Friday, sources with Methanex could not be reached and no information on the plant’s performance was available.
There were also some suggestions that the recent stock market crash had spooked the market, although most of those who had earlier stated that methanol demand would not be immediately impacted reaffirmed that view.
($1 = €0.71)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|