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Methanol in India soared to highest level in more than seven months

July 14/2011

(ICIS) -- Spot methanol prices in India have soared to their highest level in more than seven months because of extremely limited spot supply, market sources said on Thursday. Selling ideas were quoted at USD 360/tonne (EUR 256/tonne) CFR (cost & freight) India Ц levels last seen on 26 November 2010, according to ICIS data.

Prices have been steadily rising over the past three weeks, racking up 11% of gains to an average of USD 350/tonne CFR India in the week ending 8 July, ICIS data showed.

Methanol inventories at Kandla port are very low, at just around 36 KT at the end of June, with expectations that stocks will fall further given few re-exports of the material from southeast Asia, market sources said. This compares with the usual inventories of about 60 KT at Kandla, according to traders.

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