- Slow growth and high interest rates weigh on the
outlook- Indian importers are cautious about falling prices in
AsiaThe market sentiment was negatively
affected by macroeconomic fundamentals that were bearish, slow growth and
consumer demand on June 7. Reports
of a methanol to olefin facility transferring cargoes from Shanghai to Taicang
triggered a market sell-off in China. According
to trade sources, the MTO planned to temporarily stop production or reduce its
operating rates in July because of reduced margins. Manufacturing is dead. "Everyone
dropped prices because business is bad," said a trader. He added that the
weakening Yuan against greenbacks and high interest rates are affecting Asian
businesses. On June 7, domestic methanol
prices fell by around Yuan 130/mt or $20/mt day-on-day to Yuan 2,040-2,045/mt
for prompt deliveries. Spot cargoes from
CFR China were discussed...