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Methanex announces methanol contract prices for August'14
31
Jul '14
Methanex, the world’s largest producer and supplier of methanol to major international markets, has announced its new regional contract methanol prices for North America and Asia Pacific regions.
 
For the North American region, Methanex has unaltered its non-discounted reference price for August 1-31, 2014 at US$ 1.45/Gal or $482/mt (converted to $/mt using a conversion rate of 332.6 Gal per mt) from the previous month’s price, according to the company’s website.
 
Similarly, for the Asia-Pacific region, the Asian posted contract price for August 1-31, 2014, is $410/mt, unchanged from the July contract price.
 
For European region, Methanex had earlier announced its contract price for July1-September 30, 2014 period to be €322/mt, much lower than the contract price of €412/mt in the second quarter of this year.
 
Methanol is an organic chemical that is used in the textile industry in manufacturing processes. 
 
Meanwhile, for the second quarter of 2014, Methanex reported adjusted EBITDA of $160 million, compared to adjusted EBITDA of $255 million reported in the first quarter of 2014 and $157 million reported in the quarter ended June 30, 2013.
 
John Floren, President and CEO of Methanex commented, “Methanol prices are lower in Q2 2014 compared to Q1 2014, resulting in lower Q2 earnings as compared to the first quarter. We believe pricing is now stabilizing at current levels.” Mr. Floren added, “At these methanol prices, Methanex continues to generate strong EBITDA and cash flows. The methanol industry environment remains favourable, with steady demand and limited new supply additions expected in the near to medium term.”
 
Methanex Corporation is currently in the midst of relocating two of its Chile plants to Geismar, Louisiana, and methanol production at Geismar 1 facility is likely to begin in late 2014, while production is expected to start in early 2016 at Geismar 2. Each of these plants will add an incremental one million tonnes to Mexthanex’s operating capacity.
 

Fibre2fashion News Desk - India

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