On February 6th, Yankuang Guohong conducted a methanol bidding sale, which ultimately failed with a final price of 2,120 yuan per ton ex-factory cash payment. The 640,000 tons/year coal-to-methanol plant is currently operating with two furnaces and plans to switch to three furnaces in the near future. PriceSeek's analysis of methanol gives a long-short score of -1.5. The failed bidding sale at 2,120 yuan per ton indicates weak spot market demand, with prices below the futures reference value (e.g., the MA2605 contract settlement price of 2,250 yuan). The plan to operate three furnaces will increase supply, exacerbating the supply-demand imbalance. Combined with the recent downtrend in the futures market, this news reinforces bearish expectations and may further depress both spot and futures prices.
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