28 June 2012 22:54 [Source: ICIS news]
HOUSTON (ICIS)--US July methanol contracts fell by an average of 3 cents/gal following a roll over by Southern Chemical and a decrease by Methanex.
The July average monthly contract price is 132.5 cents/gal. June’s monthly average price was 135.5 cents/gal.?xml:namespace>
SCC and Methanex historically have set the range in monthly contracts for US methanol.
Methanol sources said the drop came in response to the ongoing retreat in spot prices, which have fallen 6% lower in the past month, currently at 109-110 cents/gal.
A big influence on the drop in spot prices is the restart of a methanol plant in Beaumont, Texas, this week. A month ago, methanol spot barge prices ranged 116-117 cents/gal.
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