Vancouver-based methanol producer Methanex Corporation Thursday announced a rollover of its October US contract price to 132 cents/gal ($439.56/mt) FOB US Gulf from September.
After discounts and rebates averaging 13%, the October contract price will be around $1.1484/gal.
This is the fourth consecutive month rollover that Methanex announced, according to data published by the company's website.
Methanex is the largest methanol producer by volume in the world.
The rollover was in line with market expectations as the US methanol market was oversupplied in September due to production issues in the downstream acetic acid market.
In late July, US producer BP declared a force majeure at its acetic acid plant located in Texas City, Texas, because of production issues. The plant has a production capacity of 580,000 mt/year of acetic acid, which according to market sources, represents 25% of the total US acetic acid market. The force majeure was lifted in mid-September.
On September 26, the US methanol spot price was assessed at 113.50 cents/gal ($378/mt) FOB USG, down one cent from the previous session.
