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Sellers lower their offers to attract buyers-
Buyers show little interest in spot procurement



Methanol
prices fell on May 19, as downstream demand was weak. The July ICE Brent
crude futures contract at 4:30 pm Singapore time was $0.57/b lower than the previous
Asian closing price of $76.14/b. By lowering their prices, sellers were
attempting to attract buyers who are price-conscious. By market close,
sellers were indicating that they would sell at $260-280/mt CIF China. The
methanol and chemical markets in Asia are "definitely down,"
according to a trader. The trader stated that "Petrochemicals are in
a recession and downstream consumer goods is dead." Others were more
optimistic. A producer from Northeast Asia said, "I believe the price
has bottomed out due to the price decline." CFR India prices moved
higher, and market participants expressed mixed opinions...