Methanex is lowering its North American posted methanol contract price by 15 cents for December compared with November to 141 cents/gal ($469/mt) FOB USG, the world's largest methanol producer by capacity said on its website.
The decrease is in line with market expectations that called for contract prices to fall by at least 10 cents/gal, but possibly more, following a decline in spot prices in the middle of November.
Market participants have pointed to sustained weakness in global, particularly Asian, spot markets amid weaker methanol-to-olefins demand and ample supply in the region.
Southern Chemical Corp. has yet to post their own December contract announcement.
In the spot market, S&P Global Platts assessed US methanol at 103.75-104.25 cents/gal FOB USG for December and 101.75-102.25 cents/gal FOB USG for January on Wednesday.
