US imports of methanol in July marked their highest level in nearly a year, but US exports of the chemical posted gains in a year of firm export levels after recent US Gulf Coast capacity expansions, data released by a trade group showed Tuesday.
July imports came to 278,500 mt, nearly double the 140,000 mt in June and up 44% from 194,000 in July 2015, according to data from the American Fuel and Petrochemical Manufacturers. The imports marked the highest total since 311,500 in August 2015.
July exports of 88,500 mt more than doubled from 43,000 mt in June and 35,000 mt in July 2015, the AFPM data showed.
Year-to-date exports stand at 645,000 mt, more than three times higher than 188,000 mt in January-July 2015.
US methanol production capacity has seen a significant expansion since the start of 2015. Domestic methanol capacity started 2015 at 2.25 million mt/year and rose to 5.75 million mt/year by the beginning of 2016.
Trinidad and Tobago represented the largest supplier of imported methanol for the month with 122,000 mt, trailed by 95,000 mt brought in from Venezuela.
The vast majority of the reported exports landed in Korea, which received 85,000 mt of methanol from the US in July, the data showed.
US spot methanol pricing averaged 63.60 cents/gal FOB USG in July, down 39% from an average of 104.45 cents/gal FOB USG in July 2015, according to S&P Global Platts data.
Platts assessed US spot methanol pricing on Tuesday at 74.75-75.25 cents/gal FOB USG for September and October, a year-to-date high.
