26 July 2012 18:32 [Source: ICIS news]
HOUSTON (ICIS)--US August methanol contracts fell by an average of 1.5 cents/gal following a cut by Southern Chemical (SCC) and a rollover by Methanex, the companies announced on Thursday.
The August average monthly contract price is 131 cents/gal. The July monthly average price was 132.5 cents/gal. While Methanex rolled over its July price of 132 cents/gal, it was SCC’s 130 cent/gal posting for August that moved the monthly average lower.
SCC and Methanex historically have set the range in monthly contracts for US methanol.
Spot barge prices have hardly moved in July. Thursday's spot price of 107.5-108.5 cents/gal still shadows the 52-week low of 108 cents/gal.
Spot prices have fallen since mid-May in response to more US capacity coming online.
A 750,000 tonne/year Texas plant restarted on July 4, and this week Methanex said it will move one of its idled methanol plants in Chile - with capacity of 1m tonnes/year - to a town in southern Louisiana.
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