Petrochemical prices continue to surge

Propane and butane prices rise for second consecutive month: Propane prices rose 14.3% MoM to USD 480 per ton in September, and butane prices increased 8.7% MoM to USD 500 per ton. The PP-propane spread expanded to USD 665 per ton in September from USD 638 per ton in August. The PP-butane spread increased to USD 645 per ton in September from USD 598 per ton in the previous month.

Naphtha prices hit 7-month high: Naphtha prices rose 9.5% MoM to USD 520 per ton in September, in tandem with oil prices which advanced 9.8% MoM.

PP and PE prices gradually rise: PP prices were up 3.2% MoM to USD 1,135 per ton, supported by an increase in propylene prices (up 9.2% MoM). On MoM basis, HDPE, LDPE, and LLDPE prices rose 3.5%, 4.2%, and 4.4%, respectively.

Polystyrene prices head north: Polystyrene prices increased 12.5% MoM to USD 1,480 per ton in September, buoyed by an increase in styrene prices to USD 1,330 (up 7.3% MoM). In the same period, PVC prices rose 1.1% to USD 945 per ton.

MEG prices marked flat: MEG prices remained flat at USD 900 per ton in September. Ethylene and Methonol prices rose 13.2% MoM to USD 1,375 per ton and 9.4% MoM to USD 350 per ton.

Titanium dioxide prices continue to rally: The weighted average price of titanium dioxide rose 0.3% MoM to USD 3,151 per ton in September.

Further hike in fertilizer prices: Ammonia and urea prices climbed to USD 245 per ton (up 14.0% MoM) and USD 270 per ton (up 22.7% MoM), respectively, in September. DAP prices rose 4.3% to USD 360 per ton.

Oil prices recover after Hurricane Harvey: After the disruptions caused by Hurricane Harvey, oil prices rose to around USD 57 in September from USD 52 in August, as demand increased and refinery activities resumed. During the last week of the month, expectations were rife that OPEC will extend an output cut soon, which pushed prices up to around USD 59. Furthermore, during the week, oil prices hit a more than two-year high (USD 59.49) when the referendum vote encouraged Turkey to threaten to shut the region’s oil pipeline.

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