Methanex will raise its January North American posted contract price for methanol to its highest in 17 months, the company said Thursday.
Methanex will raise January pricing 15 cents to 125 cents/gal ($416/mt) FOB USG.
The January level will mark the highest since reaching that same level in August 2015. The rise marks the company's largest for its North American posted price since an increase of that same level in November 2013.
Methanex's increase came above market expectations discussed earlier in the month for an increase of 5-10 cents/gal from Methanex and Southern Chemical Corp.
SCC announced its January posted contract price on Wednesday at 119 cents/gal ($396/mt) FOB USG, an increase of 7 cents.
With discounts and rebates averaging 15%, the net contract price for December comes to 101.15-106.25 cents/gal.
Methanex ranks as the world's largest methanol producer by capacity. SCC serves as the US distributor for Methanol Holdings Trinidad, the largest producer in the Americas at 4.1 million mt/year.
Market expectations called for increases in January posted prices based on higher spot pricing, sources said.
US spot methanol was last assessed by S&P Global Platts on Wednesday at a 17-month high of 103.75-104.25 cents/gal FOB USG for January and February.
That high came amid recent multi-month highs in global spot pricing and stood 6% from the date December contracts were announced.
US spot has maintained that level despite limited market activity in recent days around the Christmas holiday, sources said.
