Argaam Petrochemical Index, which measures the average change in prices for a basket of petrochemicals produced in the Gulf, declined 7.1 points to 203.1 points by the end of last week, as the prices of petrochemicals declined on concern over the Chinese economy.
|
Argaam Petrochemical Index |
|
|
203.1 |
Argaam Index (August 23) |
|
( 3.4 % ) |
Weekly change |
|
( 0.4 % ) |
6 months change |
|
( 28.3 % ) |
1-year change |
Naphtha feedstock decreased $30 to $425 a ton last week.
The prices of Saudi natural gas liquids (NGL) such as propane and butane are set at 28 percent below the Japanese Naphtha benchmark, excluding freight costs.
|
Prices of Naphtha including shipping costs to Japan (August 23) |
||||
|
1-year change |
6 months change |
Weekly change |
Price |
Product |
|
( 53 % ) |
( 23 % ) |
( 7 % ) |
425 |
Naphtha * |
|
( 53 % ) |
( 23 % ) |
( 7 % ) |
306 |
Propane ** |
** Approximate price in Saudi Arabia (28% discount for Naphtha).
The prices of most petrochemicals continued to drop on the back of negative market sentiment and mounting concern about the economy of China, the world’s largest importer of petrochemicals.
Aromatics declined sharply last week. Benzene dropped $75, and styrene lost $180 to $920 a ton. Other basic materials such as ethylene, propylene, and MTBE also plummeted.
MEG dropped to the lowest level since the global financial crisis, losing $65 to $695 a ton on skyrocketing stockpiles in eastern China and lower demand from polyester producers. MEG is a key raw material in the manufacture of polyester (PET).
|
Basic Petrochemicals (August 23) - Asian markets |
||||
|
1-year change |
6 months change |
Weekly change |
Price |
Product |
|
( 42 % ) |
( 4 % ) |
( 4 % ) |
870 |
Ethylene* |
|
( 40 % ) |
( 6 % ) |
( 3 % ) |
800 |
Propylene* |
|
( 56 % ) |
( 12 % ) |
( 11 % ) |
580 |
Benzene* |
|
( 41 % ) |
( 5 % ) |
( 16 % ) |
920 |
Styrene* |
|
( 12 % ) |
+ 14 % |
-- |
360 |
Methanol (Methanex)** |
|
( 32 % ) |
( 6 % ) |
( 6 % ) |
240 |
Methanol (China)*** |
|
( 35 % ) |
( 6 % ) |
( 8 % ) |
655 |
MTBE**** |
** ACP "Methanex"
*** Methanol prices in China.
**** Spot – Singapore.
|
Polymers Prices (August 23) - Asian markets |
||||
|
1-year change |
6 months change |
Weekly change |
Price |
Product |
|
( 26 % ) |
+ 5 % |
-- |
1,185 |
Polyethylene* |
|
( 32 % ) |
( 1 % ) |
( 4 % ) |
1,035 |
Polypropylene |
|
( 28 % ) |
+ 6 % |
( 2 % ) |
1,220 |
Poly Styrene |
|
( 21 % ) |
( 1 % ) |
( 2 % ) |
830 |
PVC |
|
( 9 % ) |
( 2 % ) |
( 8 % ) |
2,275 |
PCB |
|
Intermediates (August 23) - Asian markets |
||||
|
1-year change |
6 months change |
Weekly change |
Price |
Product |
|
( 30 % ) |
( 14 % ) |
( 9 % ) |
695 |
Spot MEG - china |
|
( 11 % ) |
+ 16 % |
-- |
1020 |
MEG (SABIC) |
|
( 30 % ) |
( 14 % ) |
( 9 % ) |
585 |
PTA |
|
Fertilizers (August 23) - Gulf Arab Countries |
||||
|
1-year change |
6 months change |
Weekly change |
Price |
Product |
|
( 20 % ) |
( 10 % ) |
-- |
285 |
Urea |
|
( 21 % ) |
( 6 % ) |
+ 1 % |
400 |
Ammonia |
|
+ 1 % |
-- |
-- |
480 |
DAP* |
|
Titanium Dioxide (August 23) |
||||
|
1-year change |
6 months change |
Weekly change |
Price |
Product |
|
( 16 % ) |
( 9 % ) |
-- |
2350 |
Tio2 (Asia) |
|
( 25 % ) |
( 7 % ) |
+ 3 % |
2380 |
Tio2 (Europe) |
|
( 11 % ) |
( 3 % ) |
-- |
3080 |
Tio2 (America) |
|
End Products for Saudi Petrochemical Companies |
|
|
Finished Products |
Company |
|
Polyethylene , polypropylene , poly styrene , ethylene glycol (MEG), methyl tert- butyl ether (MTBE), benzene , urea , ammonia , PVC, and PTA |
SABIC |
|
Urea, ammonia |
SAFCO |
|
Polyethylene, polypropylene, ethylene glycol (MEG), methyl tert- butyl ether (MTBE), benzene |
YANSAB |
|
Polyethylene, polypropylene, propylene (TiO2) |
Tasnee |
|
Polyethylene, polypropylene, ethylene glycol (MEG), polycarbonate, and bisphenol A |
Saudi Kayan |
|
Polyethylene, polypropylene, propylene oxide, and refined petroleum products |
Petro Rabigh |
|
Polyethylene, polypropylene, polystyrene |
Petrochem |
|
Polyethylene, polypropylene |
Sahara Petrochemicals |
|
Styrene, benzene, Cyclohexene, propylene |
Saudi Group |
|
Methanol, Butanol, acetic acid, vinyl acetate monomer |
Sipchem |
|
Polypropylene |
Advanced |
|
Polypropylene |
Alujain |
|
Formaldehyde - improvers concrete |
CHEMANOL |
|
Epoxy resin, hydrochloric acid, liquid caustic soda, soda granules |
NAMA |
|
Ammonia and DAP |
MAADEN |
About Argaam Petrochemical Index:
Argaam Petrochemical Index is the only index that provides weekly capacity-weighted measures for the average changes of international prices of several petrochemical products manufactured in the Gulf Arab countries.
Internally consumed products, which are used as feedstock for producing other petrochemicals, represent smaller weights on the index. These products— such as ethylene, propylene and ammonia— are not sold regularly in the international market.
Final products sold in international markets such as polyethylene, polypropylene, MTBE, MEG, and urea represent the biggest weights on the index.
Naphtha prices, the main feedstock benchmark, correlate negatively with the index. The weights of products on the index are reviewed periodically.
As of January 1, 2002 the index started at 100 points.
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