Petrochemical Monthly Report

Transcription

1 Petrochemical Monthly Report February

2 Summary : February 2012 Monthly Prices Summary Asia Olefins Price Settlement (February 2012) Product Prices ($/T) Jan12 Feb12 %Chg. Avg Crude Oil DUBAI ($/bbl) Natural Gas ($/mmbtu : USA) Naphtha (Singapore) Energy & Feedstock Hydrogen Crude WTI, FOB Cushing 102 $/bbl NE Asia 2,372 $/ton Crude Brent, FOB N. Sea 119 $/bbl SE Asia 2,328 $/ton Naphtha, C&F Japan 1,032 $/ton Naphtha, FOB Singapore 114 $/bbl Methane Fuel Propane, CIF Japan 1,007 $/ton NE Asia 928 $/ton Butane CIF Japan 1,007 $/ton SE Asia 911 $/ton Gas Oil, C&F Japan 1,013 $/ton Gas Oil, FOB Singapore 135 $/bbl Crude C4 Asia Pacific 1,557 $/ton Ethylene (Spot CFR SEA) Propylene (Spot CFR SEA) LDPE ($/Ton : Spot CFR SEA) LLDPE ($/Ton : Spot CFR China) HDPE ($/Ton : Spot CFR SEA) PP ($/Ton : Spot CFR China) Benzene ($/Ton : FOB Korea) PX ($/Ton : ACP List, CFR Asia) MEG ($/Ton : fiber grade, Singapore) Statistics (as of Mar 14, 2012) Ethylene Production Cost Ethylene Naphtha, NE Asia 1,319 $/ton NE Asia CFR 1,240 $/ton Naphtha, SE Asia 1,386 $/ton NE Asia FOB 1,206 $/ton LPG, NE Asia 1,299 $/ton SE Asia CFR 1,260 $/ton LPG, SE Asia 1,313 $/ton SE Asia FOB 1,226 $/ton Gas Oil, NE Asia 1,586 $/ton CMAI C2 ACP 1,173 $/ton Ethane, SE Asia 278 $/ton Wtd Avg Asia 1,248 $/ton Propylene Production Cost Propylene ** Cracker NE Asia 1,328 $/ton NE Asia CFR 1,403 $/ton ** Cracker SE Asia 1,330 $/ton NE Asia FOB 1,369 $/ton Splitter, NE Asia 1,094 $/ton SE Asia CFR 1,294 $/ton Splitter, SE Asia 1,073 $/ton SE Asia FOB 1,220 $/ton PDH, NE Asia 1,299 $/ton CMAI C3 ACP 1,168 $/ton PDH, SE Asia 1,283 $/ton Metathesis, NE Asia 1,301 $/ton Metathesis, SE Asia 1,218 $/ton Pygas Wtd Avg Asia 1,203 $/ton NE Asia CFR 962 $/ton SE Asia CFR 947 $/ton * Prices are in U.S. Dollars Per Metric Ton, unless otherwise stated ** Production costs based on per ton C2 & C3 Fuel Oil 180 cst C&F Japan 746 $/ton FOB Singapore 732 $/ton Currencies : THB/USD ~ 30.74, USD/EUR ~ 1.32, JPY/USD ~ Interests : Thailand (T-bill 1yr) ~ 3.12%, USA (10yr Note) ~ 2.11% Metal : Gold ~ 1,694$/oz, Platinum ~ 1,702$/oz Ethylene Affordability PE (LLDPE) 1,085 $/ton Styrene 841 $/ton MEG 1,409 $/ton VCM 1,483 $/ton Wtd Avg Asia 1,154 $/ton Propylene Affordability PP (Homopoly) 1,071 $/ton Acrylonitrile 1,475 $/ton Phenol 1,347 $/ton 2-Ethyl Hexanol 1,179 $/ton N-Butanol 1,187 $/ton Wtd Avg Asia 1,134 $/ton Sources : CMAI (market reports aromatics & monomers), Bank of Thailand, CNN 2

3 Prices & Margins : February 2012 Product Prices ($/T) USA Europe Asia Jan Feb %Chg. Jan Feb %Chg. Jan Feb %Chg. Naphtha Ethylene Propylene LDPE N/A N/A N/A LLDPE N/A N/A N/A HDPE N/A N/A N/A PP N/A N/A N/A Benzene Paraxylene MEG Phenol Contract Prices Spot Prices Market Margins (Unit : $/T) Ethylene - Naphtha Propylene - Naphtha HDPE - Ethylene PP - Propylene BZ - Naphtha PX - Naphtha USA Europe Asia Source : CMAI (Monomers Market Report / Aromatics Market Report) 3

4 Peers Comparison : February 2012 PMR 02/2012 Closing Prices / Index SET PTT PTTEP PTTGC TOP IRPC BCP VNT The End of Period Jan 31, Feb 29, $ bn : Change (%) 7.1% 6.8% 4.2% 38.0% 18.3% 3.5% 15.2% -1.1% 3.2% * PTTGC was listed in SET on Oct 21, P/E Market Cap PTT PTTEP PTTGC TOP IRPC SCC Dow Sinopec Reliance SABIC Source : SET Index ( and Reuters 4

5 Statistics : Demand / Supply Asia Olefins Supply/ Demand New Olefins Capacities in Asia (as of February 2012) Time Company Location Capacity (KTA) Notes 2012 : Mar HCPL Mittal Energy India(Bhatinda, Punjab) Propylene 440 New FCC unit(w/ PP) 2012 : 1Q Hohhot Refinery China(Hohhot, Inner Mongolia) Propylene 150 New FCC unit(w/ PP) 2012 : 1Q Honam PC S. Korea(Yeosu) Ethylene 250/Propylene 130 Expansion(w/HDPE/PP) 2012 : Apr/may Datang Int l Power China (Duolun, Inner Mongolia) Propylene 500 New CTP plant(w/ PP) 2012 : 2H CPC Taiwan(Talin, Kaohsiung) Propylene 450 New FCC unit 2012 : Jul LG Chem S. Korea(Daesan) Ethylene 50/Propylene 25 Cracker Expansion 2012 : Sep Fushun PC China(Fushun, Liaoning) Ethylene 800/Propylene 400/ Butadiene 120 New cracker(w/hdpe/lldpe/pp) 2012 : Sep Anqing PC China(Anqing, Anhui) Propylene 100 Expansion(w/AN/PP) 2012 : 3Q Pertamina Indonesia(Balongan, Java) Propylene 70 New FCC unit 2012 : Nov Jilin Chemical China(Jilin, Jilin) Propylene 200 New FCC unit 2012 : 4Q Tianjin Jin Weihui China(Dagang, Tianjin) Propylene 180 New splitter unit 2012 : 4Q Qixiang Tengda Chem China(Ziba, Shandong) Butadiene 100 New butadiene unit Source : CMAI (Asian Market Reports : Light Olefins ) 5

6 Statistics : Prices 2012 Source : CMAI Jan Feb Mar(F) Apr(F) May(F) Jun(F) Jul(F) Aug(F) Sep(F) Oct(F) Nov(F) Dec(F) (F) Crude : WTI $/bbl Crude : Dubai $/bbl Natural Gas : North America $/mmbtu Naphtha : CFR Japan $/Ton Naphtha : FOB Singapore $/bbl Ethylene : MTP $/Ton ,080 1,265 1,304 Ethylene : SP CFR SEA $/Ton ,078 1,184 1,309 Propylene : MTP $/Ton ,247 1,546 1,444 Propylene : SP CFR SEA $/Ton ,149 1,407 1,349 HDPE : SP CFR SEA $/Ton ,147 1,210 1,362 1,429 LDPE : SP CFR SEA $/Ton ,181 1,454 1,571 1,445 LLDPE : SP CFR China $/Ton ,144 1,289 1,324 1,370 PVC : SP CFR NEA $/Ton ,054 1,078 PP : SP CFR SEA $/Ton ,050 1,303 1,513 1,423 MEG : SP CFR NEA $/Ton ,300 1,351 Toluene : SP FOB Korea $/Ton ,071 1,184 Benzene : SP FOB Korea $/Ton ,103 1,165 Paraxylene : SP C&F Taiwan $/Ton ,059 1,563 1,620 PTA : SP C&F NEA $/Ton ,274 1,242 Phenol : SP CFR China $/Ton ,589 1,647 1,595 BPA : SP CIF A/P $/Ton ,270 1,964 2,106 1,847 Acrylonitrile : SP CFR China $/Ton ,260 2,183 2,326 2,179 Styrene : SP FOB Korea $/Ton ,203 1,397 1,469 PS : SP CFR Hong Kong $/Ton ,350 1,530 1,615 ABS : SP CFR Hong Kong $/Ton ,369 1,980 2,148 2,217 Source : CMAI ( : see appendix for prices description 6

7 Appendix Prices Description Nameplate Capacities Crude : WTI Crude : Dubai Natural Gas : North America Naphtha : CFR Japan Spot, Avg. 1 st month, North America : FOB Cushing, OK Spot, Avg. 1 st month, Middle East : FOB Fateh, UAE Contract Burner Tip, North America : Delivered US Gulf Coast Spot Avg., Northeast Asia : C&F Japan PTTCH Ethylene Propylene MEG HDPE LDPE LLDPE 2,376 KTA 512 KTA 300 KTA 800 KTA 300 KTA 400 KTA Naphtha : FOB Singapore Ethylene : MTP Spot Avg., Southeast Asia : FOB Singapore Contract-Market Monthly, Southeast Asia : Delivered Thailand PTTAR Benzene Paraxylene Cyclohexane 662 KTA 1,189 KTA 200 KTA Ethylene : SP CFR SEA Propylene : MTP Propylene : SP CFR SEA HDPE : SP CFR SEA Spot Avg., Southeast Asia : CFR SEA Contract-Market Monthly, Southeast Asia : Delivered Thailand Spot Avg., Southeast Asia : CFR SEA Spot/Export HMW Film, Southeast Asia : CFR SEA IRPC HDPE PP PS ABS 140 KTA 475 KTA 100 KTA 117 KTA HMC PP 750 KTA LDPE : SP CFR SEA LLDPE : SP CFR China Spot Avg. GP-Film, Northeast Asia : CFR China Spot Avg. Butene Film, Northeast Asia : CFR China PPCL Phenol Acetone 200 KTA 124 KTA PVC : SP CFR NEA Spot PVC Suspension, Pipe Grade Resin, Northeast Asia : CFR NEA Contacts PP : SP CFR SEA MEG : SP CFR NEA Toluene : SP FOB Korea Benzene : SP FOB Korea Paraxylene : SP C&F Taiwan PTA : SP C&F NEA Phenol : SP CFR China BPA : SP CIF A/P Acrylonitrile : SP CFR China Styrene : SP FOB Korea Spot/Export Homopolymer, Southeast Asia : CFR SEA Spot Fiber Grade, Northeast Asia : CFR NEA Spot Avg., Northeast Asia : FOB S. Korea Spot Avg., Northeast Asia : FOB S. Korea Spot Avg., Northeast Asia : C&F Taiwan Spot Avg., Northeast Asia : C&F NEA Spot Avg., Northeast Asia : CFR NEA / China Main Port Spot Avg., Asia : CIF Asia / Pacific Spot Avg., Northeast Asia : CFR China Spot Avg., Northeast Asia : FOB S. Korea Teeradetch Tungsubutra Varanyanan Inthatathon Pallapa Achanon Tuangtham Woragullattanee Arisara Suthasut Kanjana Chandenduang Noppawan Phuycharoen Primvadee Salyabongs Krittika Wiangwangchai Suabtragool Khowinij / teeradetch.t@pttplc.com / varanyanan.i@pttplc.com / pallapa.a@pttplc.com / tuangtham.w@pttplc.com / arisara.su@pttplc.com / kanjana.c@pttplc.com / noppawan.p@pttplc.com / primvadee.s@pttplc.com / Krittika.w@pttplc.com / suabtragool.k@pttplc.com PS : SP CFR Hong Kong Spot Avg. General Purpose, Northeast Asia : CFR Hong Kong Pattrinee Suvaree / pattrinee.s@pttplc.com ABS : SP CFR Hong Kong Spot Avg., Northeast Asia : CFR Hong Kong Sommart Phaochinda / sommart.p@pttplc.com Source : CMAI ( Prapruet Wongsarivej / prapruet.w@pttplc.com 7