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.

 

Quarterly Prices of Naphtha (​​including shipping costs to Japan)

 

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.

 

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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