October's average US spot methanol price of $1.5229/gal FOB US Gulf was the highest monthly price since February 2008, when it was $1.7203/gal FOB US Gulf, according to Platts data.
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The average spot price for October was 9.33 cents, or 6.5%, above the September average.
Spot prices have remained high since the beginning of the year, largely because of increasingly tight supplies due to feedstock curtailments in Trinidad, turnarounds, the Brazilian government's suspension of import duties on methanol for 180 days beginning October 4 and concern surrounding a globally tight supply situation, sources said.
The high spot prices seen through October led to Methanex and Southern Chemical to posting contract prices at the highest levels since March 2008, with Methanex at $1.80/gal FOB US Gulf and SCC at $1.74/gal FOB US Gulf.
Thursday's US methanol spot price was assessed at $1.5825/gal FOB US Gulf.