US methanol exports declined by nearly half in January in a slow start to the year as imports surged, federal data showed Wednesday.
US methanol exports totaled 72,000 mt in January, down 44% from 128,000 mt in December and 47% lower than from 136,000 mt in January 2016, the US International Trade Commission showed.
South Korea ranked as the largest destination with 61,000 mt, followed by Mexico with 7,000 mt.
US methanol imports reached 274,000 mt, up 74% from 158,000 mt in December and 4% higher than from 264,000 mt in January 2016, according to the ITC data.
Venezuela supplied 90,000 mt, Trinidad and Tobago shipped 89,000 mt and Equatorial Guinea sent 84,000 mt.
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, with another 1.75 million mt/year of capacity expected to be added in the second half of this year.
US spot methanol pricing averaged 106.41 cents/gal FOB USG in January, according to S&P Global Platts data.
US methanol was assessed Wednesday at 127.25-127.75 cents/gal FOB USG for March and April.
