China Coastal Methanol Market to Remain Range Bound
In Q1, 2021, China’s coastal methanol market kept fluctuating within a narrow range. Methanol suppliers raised offers repeatedly, supported by slow buildup of port inventory, tight merchantable resources, restocking on rigid-demand, limited growth in import while rises in export, etc. However, cautious downstream purchasing, larger newly added methanol capacity and frequent operations of changing hands still curbed the methanol price rise.
Continuous destocking at ports
From February, the port inventory has been stayed at a low level of the past three years. Up to April 8, the inventory was 463.5kt in Jiangsu, down 23.33% from 2020 and down 23.45% from 2019. The inventory was 93kt in Guangdong, down 16.96% from 2020 and down 33.33% from 2019.
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