There were tight supply conditions in the market for prompt cargoes, due to planned and unplanned shutdowns of methanol plants. Downstream buyers were worried because of shortage of product in the market, which supported the price rise.
Methanol prices were stable in the first half of September in the region, whereas prices increased by 0 to 1% in the second half of the same month. Since then prices have showed an upward trend and went up by 1%, 2%, 6% and 3% w-o-w in the first, second, third and fourth week respectively, in the month of October.
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