27 September 2013 12:48 [Source: ICIS news]
LONDON (ICIS)--The European methanol contract price for the fourth quarter has been confirmed at €408/tonne, up by €18/tonne, after a number of market players said on Friday that they will follow Wednesday’s initial agreement.
The initial agreement was made between a consumer and a European producer, and was quickly followed by another European consumer. By Friday, two suppliers with non-European offtake had agreed, along with one further confirmed consumer and two unconfirmed.
The settlement had promised to be a contentious one, with many consumers saying they saw no justification for any increase, while suppliers were generally targeting at least €420/tonne ($568/tonne).
In the end, however, a significant number of key players decided to compromise at €408/tonne.
“We want the lowest number, and my gut feeling is that it’s not possible go lower than this,” said a consumer.
The third-quarter contract price was €390/tonne.
The European contract price for methanol is settled on a free on board (FOB) Rotterdam basis.
($1 = €0.74)
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