03 May 2012 05:55 [Source: ICIS news]
SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) raised its methanol contract price for the first half of May by yuan (CNY) 250/tonne ($39.60/tonne) from its second-half April price because of rising domestic spot prices, a company source said on Thursday.
The move raises CNOOC’s methanol contract price, which is a benchmark for methanol contracts in south China, to CNY3,150-3,200/tonne ex-tank, the company source said.
CNOOC’s first-half May methanol contract price is higher than expected, according to a distributer that works closely with the major producer.
As a result, some traders in south China raised their offers to CNY3,100-3,130/tonne ex-tank and mainstream transactions were settled at CNY3,080-3,100/tonne ex-tank on 2 May, up by CNY40/tonne from 28 April, according to data from Chemease, an ICIS service in China.
CNOOC has two methanol plants with a combined capacity of 1.4m tonnes/year in Hainan province, south China.
($1 = CNY6.31)
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