24 August 2012 16:42 [Source: ICIS news]
LONDON (ICIS)--European methanol spot prices have climbed €3-8/tonne ($4-10/tonne) this week, supported by a range of factors including steady demand, market sources said on Friday.
Methanol spot prices have increased this week, with deals ranging from €289-295/tonne FOB (free on board) Rotterdam.
The market remains quiet with holidays still impacting activity and some participants were surprised as to the extent of the price rise, as there was no obvious single driver.
Instead, it is understood that a number of factors have combined to push prices up, including ongoing steady demand and some pre-buying ahead of fourth-quarter contract negotiations.
One source pointed out that as the spot market is not that active, any trades can have an exaggerated impact on the price direction. Therefore, not too much should be made of the latest move.
Last week, methanol spot deals ranged €286-287/tonne FOB Rotterdam.
($1 = €0.80)
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|
Asian Chemical Connections