LONDON (ICIS)--The third-quarter European contract price (ECP) for methanol has been confirmed at €322/tonne ($441/tonne), down €90/tonne, parties involved said on Thursday.
The settlement comes after two simultaneous initial agreements were made on Wednesday, each involving two producers/suppliers and one consumer.
The two initial agreements were at €320/tonne and €322.50/tonne.
Both consumers and two sellers confirmed on Friday said they had agreed at €322/tonne. A third seller was understood to have also agreed, but could not be reached.
The new price represents the largest decrease since the first quarter of 2009, when the contract price fell by €136/tonne.
The €90/tonne decrease for the third quarter 2014 comes after European spot prices fell by €133/tonne between late-February and early-June.
The methanol ECP is settled on a free on board (FOB) Rotterdam basis.