Forced Shut Down of Two Iranian Companies Soared Methanol Prices in the Domestic Market
Iran, an oil and gas rich nation, exceeds 80 per cent of the total cargoes of Methanol that are imported to India. With India so leaned on Iranian Methanol, abrupt shut- down of two major Iranian companies, Kaveh Methanol and Zagros Petrochemical Company (ZPC), due to disruption in the gas supply has adversely affected the Indian market sentiments. Consequently, tight supply of Methanol from the major importing country has compelled major Indian Methanol players to surge its prices in the domestic market. Bullish market sentiments are likely to continue as uncertainty in the imports of Methanol from Iran is anticipated to persist. However, alleged restart of Qatari and Malaysian Methanol plants in Southeast Asia may relief the soaring market in the middle of February.