March's average US spot methanol price of $1.3503/gal was the highest average monthly price since September 2008, when it was $1.40/gal FOB USG, according to Platts data.
The average spot price for March was up 4.65 cents, or 3.4%, from February.
Consistently high spot prices seen through the first quarter have been attributed to elevated European spot prices, a lack of available spot material, talk of short covering in the secondary market and tightening supply.
In Europe, the FOB Rotterdam assessment is up 96 cents since February 1, but when taking into account the variation in the exchange rate Thursday's methanol price of $432.49/mt FOB Rotterdam is $16.71 below the February 1 price of $449.20/mt.
The high spot prices seen throughout March led to Southern Chemical Corp. and Methanex rolling over April contracts at the highest level since October 2008, with SCC at $1.53/gal FOB US Gulf and Methanex at $1.55/gal FOB US Gulf.
Thursday's US methanol spot price was assessed at $1.355/gal FOB USG. Platts did not assess markets Friday due to the Good Friday holiday.
