14 February 2014 11:20 [Source: ICIS news]
SINGAPORE (ICIS)--India’s import prices for methanol have been on a downtrend for five consecutive weeks amid sluggish demand, market sources said on Friday.
Buying ideas are being quoted at $490-520/tonne CFR (cost and freight) India, in line with price decreases in the China and southeast Asia markets during the week.
On 7 February, prices were assessed at $510-530/tonne/tonne CFR India, down by $20/tonne from the previous week, according to ICIS.
The country will not be lacking in methanol supply, with cargoes from the Middle East arriving soon, market sources said.
An Iranian supplier has issued a tender this week for 10,000 tonnes of the material to India, market sources said, adding that a number of Iranian suppliers were heard to have resumed production at their methanol facilities.
Meanwhile, a contract cargo from a Middle Eastern supplier was heard to have been loaded and on its way to Kandla port in India..
A seller acknowledged that demand was soft and lowered its selling ideas by $10/tonne to $530-540/tonne CFR India.
Weak macroeconomic data released this week weighed on the market, with methanol end-users adopting a cautious buying attitude, industry players said.
According to investment bank HSBC’s preliminary manufacturing purchasing managers’ index (PMI) for BRICs (Brazil, Russia, India and China) countries was closer to 50, with India well below 50 in recent months, indicating contraction in manufacturing activities.
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