30 March 2012 03:29 [Source: ICIS news]
SINGAPORE (ICIS)--Methanex has nominated its April Asian posted contract price (APCP) for methanol at $440/tonne (€330/tonne), unchanged from its proposed price for the March contract, the company said on Friday.
Methanex uses the APCP on a CFR (cost & freight) Asia basis as a benchmark for its contracts in South Korea and Japan, with discounts.
“Considering methanol supply, it should be tight, so prices should go up,” a major Korean trader said.
“But derivatives are weak and market sentiment is not good, hence a rollover is proper,” he added.
Two major Korean market participants said the price would have no bearing as it was way above market spot prices, which were last assessed at $390-395/tonne CFR Korea last Friday.
The company has published its independent European posted contract price (EPCP) at €340/tonne ($453/tonne) FOB (free on board) Rotterdam, up by €20/tonne.
This is in line with the European contract price, which was also confirmed last Friday at €340/tonne.
In the US, Methanex rolled over its April contract prices on Wednesday at 134 cents/gal ($446/tonne), the same as its March posting.
($1 = €0.75)
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