Methanex announces methanol contract prices for July'14

01 Jul '14

2 min read

Methanex, the world’s largest producer and supplier of methanol to major international markets, has announced its new regional contract methanol prices for Europe North America and Asia Pacific regions.

For Europe region, Methanex has lowered its contract price for July1-September 30, 2014 period to €322/mt, compared to the contract price of €412/mt in the second quarter of this year. The price for the third quarter is lower than the European posted contract price of €450/mt in the first quarter of 2014, and the €408/mt in October-December 2013 quarter.

For the North American region, the non-discounted reference price for July 1-31, 2014 is US$ 1.45/Gal or $482/mt (converted to $/mt using a conversion rate of 332.6 Gal per mt), down from the previous month’s price of $1.60/Gal or $532/mt, according to the company’s website.

Similarly, for the Asia-Pacific region, the Asian posted contract price for July is $410/mt, compared to the contract price of $430/mt in June 2014.

Methanol is an organic chemical that is used in the textile industry in manufacturing processes.

Meanwhile, Methanex Corporation announced that its joint venture operation, Egyptian Methanex Methanol Company S.A.E. (EMethanex), has been idled temporarily due to gas unavailability. Methanex has been advised by its gas supplier, which is a shareholder in EMethanex, that it will likely not be able to resume gas deliveries before the end of July 2014 due to the priority allocation of available natural gas to meet peak summer electricity demand.

Methanex is the operator and majority shareholder of EMethanex with 50% ownership. The EMethanex plant, which can produce 1.3 million tons of methanol per year, is located in Damietta, Egypt on the Mediterranean Sea.

Fibre2fashion News Desk - India

More Textiles News - Canada...