Argaam Petrochemical Index dropped to its lowest level since 2009, falling to 195 points in February as prices in the market plummeted in the last few months, triggered by crude oil which declined to a 5-year low.
The index has recovered in the past few weeks, reaching 227 points by the end of the first quarter, but still below December’s high of 286 points.
|
Argaam Quarterly Petrochemical Index |
|||||
|
|
2015 |
|
|
2014 |
|
|
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
|
208.2 |
250.3 |
283.2 |
279.1 |
282.2 |
Argaam Petrochemical Index |
The following are tables of the Asian spot market prices of Naphtha and basic petrochemicals produced in the Gulf. Actual contract prices might vary.
Naphtha dropped 47 percent to $497 a ton in the first quarter, compared to the same period last year. It is 23 percent lower than the previous quarter. Naphtha declined the most in February, falling to $445 a ton, but the feedstock rebounded to $500 a ton by the end of the first quarter.
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Quarterly Prices of Naphtha (including shipping costs to Japan) |
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|
|
2015 |
|
|
2014 |
Product |
|
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
|
497 |
646 |
914 |
953 |
935 |
Naphtha |
|
358 |
465 |
658 |
686 |
673 |
*Propane |
* Approximate price in Saudi Arabia (28% discount for Naphtha).
Prices of basic petrochemicals also fell. Benzene posted the largest drop, losing 29 percent in the first quarter.
|
Quarterly Basic Petrochemicals – Asian Markets |
|||||
|
|
2015 |
|
|
2014 |
Product |
|
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
|
948 |
1,177 |
1,493 |
1,378 |
1,413 |
Ethylene |
|
847 |
1,016 |
1,361 |
1,358 |
1,395 |
Propylene |
|
678 |
954 |
1,306 |
1,295 |
1,298 |
Benzene |
|
983 |
1,212 |
1,558 |
1,578 |
1,615 |
Styrene |
|
336 |
427 |
415 |
455 |
590 |
Methanol (Methanex) |
|
261 |
325 |
349 |
345 |
465 |
Methanol (China) |
|
647 |
841 |
1,035 |
1,107 |
1,095 |
MTBE |
Prices of polymers fell between 9 to 19 percent, except polypropylene, which dropped 21 percent.
|
Quarterly Polymers Prices – Asian Markets |
|||||
|
|
2015 |
|
|
2014 |
Product |
|
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
|
1,166 |
1,416 |
1,591 |
1,577 |
1,532 |
Polyethylene |
|
1,084 |
1,370 |
1,533 |
1,523 |
1,507 |
Polypropylene |
|
1,155 |
1,427 |
1,690 |
1,718 |
1,771 |
Poly Styrene |
|
829 |
930 |
1,046 |
1,035 |
1,047 |
PVC |
|
2,383 |
2,625 |
2,536 |
2,495 |
2,491 |
PCB |
Intermediate chemicals followed the downtrend, losing between 6 to 22 percent.
|
Quarterly Intermediates – Asian markets |
|||||
|
|
2015 |
|
|
2014 |
Product |
|
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
|
782 |
828 |
977 |
941 |
963 |
Spot MEG - china |
|
909 |
1,011 |
1,142 |
1,112 |
1,170 |
MEG (SABIC) |
|
600 |
766 |
989 |
905 |
931 |
PTA |
Ammonia dropped an average 21 percent compared to the previous quarter. Urea and diammonium phosphate (DAP) fell 3 percent and 1 percent, respectively.
|
Quarterly Fertilizers – Gulf Arab Countries |
|||||
|
|
2015 |
|
|
2014 |
Product |
|
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
|
311 |
321 |
337 |
301 |
370 |
Urea |
|
469 |
595 |
500 |
485 |
456 |
Ammonia |
|
480 |
486 |
475 |
453 |
415 |
DAP |
Several petrochemical companies conducted scheduled maintenance in the first quarter, which is expected to have financial impact that will be reflected in first quarter profit.
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Petrochemical Companies Undergo Periodic Maintenance – Q1-2015 |
||
|
Financial Impact (SAR mln) |
Suspension period |
Company |
|
650 |
45 days |
Saudi Kayan Petrochemical Company |
|
Undetermined |
21 days |
Advanced Petrochemical Company |
|
38 |
33 days |
Alujain Corporation |
|
Undetermined |
--15 days for Alcohol plant --10 days for Epichlorohydrin plant --4 days for Alkali plant --10 days for Epoxy plant |
Nama Chemicals Group |
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