27 March 2013 15:49 [Source: ICIS news]
LONDON (ICIS)--There has been no progress in the negotiations for the second quarter European methanol contract price, market participants said on Wednesday.
The lowest offer heard from the suppliers is €390/tonne ($500/tonne) FOB (free on board) Rotterdam, an increase of €20/tonne from the Q1 price.
While some suppliers claim they have broad support from buyers at this level, no buyers have yet formally accepted it.
“There is no willingness or drive to make the initial settlement,” said a producer. “We will not accept anything below €390/tonne.”
Meanwhile, some consumers have firmly stated their intention to not accept any increase, believing such a move to be unjustified and damaging to demand throughout the methanol production chain.
($1 = €0.78)
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