For the Quarter Ending June 2023
North America
When compared with the previous quarter, the market fundamentals of Methanol in North America plunged in the wake of higher lower production costs and limited demand from the downstream ventures. In June 2023, the price of Methanol in the USA declined to USD 536/ton DEL Louisiana. Due to lackluster demand, high inventory levels, and a persistent pushback against shipments from the United States to the South American market, this has supported a downward trend in the spot market for Methanol. The downstream derivative market subsequently declined, has not improved, and the purchasing activities remained at low levels. Significant manufacturing units also cut their production rate to avoid stockpiles with lackluster market fundamentals.
Asia Pacific
With adequate product inventories and healthy inflows of Methanol cargoes from Saudi Arabia and the USA, the prices plummet with weak market fundamentals. The bid generated some selling interest in the region, with sellers looking to arbitrage some cargoes from China to Southeast Asia. The market fundamentals remain affected by low purchasing activities and high inventory levels among the significant manufacturing units. In terms of the downstream market, the Formaldehyde, and Formic Acid market also ended this quarter on a weaker note, with the prices bottomed out. In May 2023, the price of Methanol in China declined to USD 359/ton CFR Qingdao. In Malaysia, trade sources were puzzled by the spot requirement as the end-user could have purchased a spot from a Malaysian Methanol producer.
Get Real Time Prices: Methanol Prices, Price, Pricing, Trend and Forecast
Europe
In Q2 2023, the demand fundamentals in Europe remain weak, with limited purchasing activities from the downstream ventures. In terms of the upstream market, the Natural Gas market remains affected by sufficient Gas inventory level and lackluster demand outlook. In June 2023, Natural gas inventories were 70% full, and European Union aims to achieve a storage inventory target of 90% by November 1. The upstream coal market remains feeble with weak market fundamentals. Traders seek buyers for piles of unused coal before it becomes worthless after the fuel was hoarded to save Europe's economy from running out of power last year.
MEA
The Middle Eastern Methanol market continued to see very shallow liquidity. In Saudi Arabia, the market appeared significantly bearish this quarter, tracking lower market support from the feedstock Natural Gas and coal costs and pessimistic macroeconomic sentiments. As domestic spot demand remained sluggish, Methanol market trends appeared highly correlated with limited exports from Saudi Arabia to the Asian market. In June 2023, the price of Methanol in Saudi Arabia declined to USD 294/ton FOB Al Jubail. Limited demand for downstream Formic Acid and Formaldehyde industries remained the issue, but overall, the supply was sufficient. The cost of Methanol drops further where low interest, adequate stock, and a feeble downstream market stay the driving variables.
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