US methanol exports reached a multi-year high in January while imports continued their downward trend, data released Thursday by the US International Trade Commission showed.
US exports of methanol totaled 133,000 mt in January, the ITC data showed, more than double the 66,000 mt exported in December 2015. The January 2016 export total ranks as the highest since at least 1996, according to ITC data.
The US has been transitioning from a net importer to a net exporter of methanol after an expansion in domestic production capacity.
January US methanol imports totaled 264,000 mt, down 1.1% from 267,000 mt in December 2015 but a drop of 39% from 433,000 mt in January 2015, according to the data.
The largest volume of imports came from Trinidad and Tobago with 128,000 mt. Venezuela ranked second with 41,000 mt.
US spot methanol pricing averaged 46.61 cents/gal FOB USG for front-month material in January, according to Platts data.
US production increased to 5.75 million mt/year in 2015 from 2.25 million mt/year at the start of that year. The capacity growth came from three plant startups and an expansion project.
The jump in capacity has contributed to a global supply glut and has also altered trade flows, as US material seeks export destinations and product from Trinidad and Tobago and Venezuela searches for new homes.
