21 February 2014 11:18 [Source: ICIS news]
SINGAPORE (ICIS)--India’s import prices for methanol have been declining over the past six consecutive weeks amid abundant supply and cautious buying interest, market players said on Friday.
India is facing an influx of imported methanol – totalling 47,000 tonnes – in the first week of March from two Iranian suppliers, they said, but the volume could not be verified with the suppliers.
Buyers are cautious about making bids as most of them expect methanol prices to fall further.
Notional buying ideas were quoted at up to $480-490/tonne CFR (cost and freight) India, depending on the participants’ position in the market. There were indications at $460/tonne CFR India as well, but these are not confirmed by the wider market.
Selling ideas were quoted at as high as $540/tonne CFR India to as low as $500-510/tonne CFR India, market sources said.
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