Iran's Methanol Exports to China Rise: Report
- June, 23, 2020 - 13:34
- Economy news
TEHRAN (Tasnim) – Iranian exports to China doubled in April as the economy reopened from the slowdown in February-March to contain the spread of COVID-19, a report said.
Iran's volumes to China rose to 414,000t, accounting for about 40pc of the 1mn t that China imported in April, Argus Media reported.
Iran is the largest exporter of methanol to China, supplying about 40pc of its annual imports. China is the world's largest importer and accounts for some 60pc of global consumption. The country imported 10mn t of methanol in 2019.
Iranian net methanol capacity has almost doubled in the past two years to about 12.2mn t/yr in 2020, with the start of two new units this year.
Pars Kimiya and Bushehr, both located in Assaluyeh and each with methanol capacity of 1.65mn t/yr, began commercial production in the past few months. There was no confirmation from both producers, but several market participants mentioned the start-ups.
Iranian producer Kaveh started production in 2019 at its 2.3mn t/yr unit in Dayyar. SPII-owned Marjan began production at its Assaluyeh-based 1.65mn t/yr plant in August 2018.