[PETROCHEMICALS ]

SOLVENTSWIRE
Volume 35 / Issue 32 / August 7, 2012
ASSESSMENTS
Platts Global Hydrocarbon Solvents Price Assessments Platts Global Chlor-Alkali Price Assessments Platts Global Oxygenated Solvents Price Assessments 2 2 2

CHLOR-ALKALI
Northwest Europe United States Asia 7 8 9

HYDROCARBON SOLVENTS
Northwest Europe United States Asia 3 3 4

NEWS BRIEFS
US drought expected to cut 2012 ethanol output To 870,000 B/D: EIA US spot ethylene hits 10-week high at 50 cents/lb as ethane climbs Indias HPL in talks to process third party naphtha for conversion fee 4 5 6 German chemical June orders drop 4.2% from May: Destatis 10 11 11 11

OXYGENATED SOLVENTS
Northwest Europe United States Asia

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Platts Global Hydrocarbon Solvents Price Assessments

Northwest Europe FOB Rdam ($/mt) 10901100 11461150 11681172 11001110 10501060 FOB US Gulf (/lb) 58.5059.50 59.5060.50 FOB US Gulf (/lb) 56.5057.50 FOB Korea ($/mt) 11111113 FD NWE (/mt) 950960 10201030 10501060 955965 970980 FOB Chicago (/lb) 59.5060.50 60.5061.50 DER (/lb) 57.5058.50 (/gal) 353.62359.75 CFR China ($/mt) 11311133

Platts Global Oxygenated Solvents Price Assessments

Northwest Europe FOB Rdam ($/mt) 11851195 16401650 9901000 9901000 15601570 20752085 11051115 12401250 (/mt) 280.20281.20 FD NWE (/mt) 9951005 13601370 835845 12951305 17101720 930940 10401050

Solvent Naphtha (C9) Solvent Toluene Solvent Xylenes White Spirit (145-195) Hexane (Special Grade) United States

IPA Phenol* Acetone T1 Acetone T2 MEK MIBK E Acetate B Acetate

Toluene Xylenes

Methanol United States

Hexane Hexane Asia

Solvent MX*

*Asian Solvent Mixed Xylene assessments reflect the close of Friday the previous week, as published in the Asian Petrochemicalscan and PCA 416. DER = Delivered East of Rockies.

IPA Phenol* Acetone T1 Acetone T2 MEK MIBK E Acetate B Acetate

FOB US Gulf ($/mt) 12891311 14111433 10801102 17191741 21932216 15651587 16421664 (/gal) 106.75107.25 FOB DSP (190) (/gal) 635.00645.00

DER ($/mt) 13781410 13331355 992992 17531775 22042226 16421664 16761697

Platts Global Chlor-Alkali Price Assessments

Northwest Europe FOB Rdam ($/mt) 385390 FOB US Gulf ($/mt) 395405 US Contract ($/mt) 300310 540550 FOB NE Asia ($/mt) 479481 FD NWE CP* (/mt) 425430 135139 DER FOB Plant* ($/mt) 195205** 420430** Methanol

Caustic Soda Chlorine United States

Industrial Ethanol Asia

FOB DSP (200) (/gal) 715.00725.00

Chlorine Caustic Soda Chlorine Caustic soda Asia

Phenol Acetone Methanol

CFR China ($/mt) 14241426 949951 364.40366.40

CFR SEA ($/mt) 14641466 949951

Caustic Soda

CFR SE Asia ($/mt) 528530

*Europe chlor-alkali contract prices, and US chlor-alkali FOB plant and US contract price assessments are made once a month on the first Tuesday of the month. **$/dst. DER = Delivered East of Rockies.

*Phenol is basis FOB Ex-Tank. FD NWE prices in table based on spot lots of 20 mt in the German mkt. FOB based on larger spot parcels for import/export. Asian phenol, acetone assessments are basis L/C 90 days. US acetone T2 price is a US domestic truck/rail contract price, for MMA use. DER = Delivered East of Rockies. DSP = Distilled Spirit Plant. Europe methanol price is in Euro/mt and reflects weekly average at close of Friday the previous week, as published in the Europe & Americas Petrochemicalscan and PCA 346. US methanol price is in cents/gallon and reflects weekly average at close of Friday the previous week, as published in the Europe & Americas Petrochemicalscan and PCA 347. Asia methanol price reflects weekly average at close of Friday the previous week, as published in the Asian Petrochemicalscan and PCA 653.

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Hydrocarbon Solvents

Northwest Europe
SOLVENT NAPHTHA: In the barge market, prices climbed $60/mt, to be assessed at $1,095/mt FOB ARA, on firm gasoline as ICE Brent crude prices climbed back above $110/b. One C9 producer said it was offering material at $1,020-1,030/mt or at a premium of $6070/mt above gasoline. Truck prices were assessed up Eur10/mt to Eur955/mt. The same supplier was selling C9 trucks at Eur980-990 FD NWE while a second was selling at Eur970-980/mt FD Germany; another distributor said it could only muster sales at around Eur940/mt FD Germany. An industry source said it was trading trucks at around Eur940-950/mt FD Rdam while another viewed the market at around Eur920950/mt FD Benelux. NWE 10ppm gasoline closed around $1055/mt FOB AR Tuesday, up around $60/mt on the past week, while eurobob gasoline rose $52/mt to around $1040/mt FOB AR. TOLUENE: Barge prices rose $15/mt to be assessed at $1,148/mt FOB ARA. Firm bids or offers were again scarce, but according to some in the market, sentiment shifted as more buyers were seeking ARA tons. Sources also noted those who were selling at the start of the week had become buyers, potentially enthused by the solid state of the US market, which was seen around or above 400 cts/gal DDP ($1,216/mt) by sources. One trader felt this would see the FOB ARA market valued between $1,1401,150/mt. Meanwhile, South African refiner Engen was considering offers for its buy tender for half of a 2,000-3,000 nitration-grade toluene and xylene lot for loading in the second half of August, an Engen source said, adding that the two equal-sized parcels would be loading from the ARA region. The tender closed Friday with two offers received, which were being considered. In the truck market, although some producer sources said recent rebounds in the energy complex had boosted values and, in turn, truck prices, others said

sentiment remained weak. One producer was trading trucks at Eur1,050-1,060/mt FD Med, but other distributors said they could only muster marginal increases to Eur1,025-1,035/mt FD Germany. XYLENES: In the barge market, prices were assessed at $1,170/mt FOB ARA, up $12.50/mt from last week. Earlier this week, market participants viewed the notional bid/offer range at $1,130-1,170/mt and $1,140-1,170/mt, but by Friday, the notional range narrowed to $1,140-1,150/mt FOB Rdam. STASCO bid for 1,000 mt Isomer-MX Friday during the Platts Market on Close assessment process, entering at $1,155/mt FOB ARA for any August, bidding up to to $1,170/mt, but attracted no selling interest by the close of MOC. As was the scenario in toluene this week, SA refiner Engen was considering offers for its buy tender. The company source would not comment on the sell prices received so far. In the truck market, price ideas were wide among buyers and sellers. Although some producer sources said they were offering material close to or above Eur1,100/mt FD Med, some buyers said they increased prices, but only within Eur1,000-1,040/mt FD Rdam. However, the industry source admitted some distributors and suppliers had sold trucks at higher prices. WHITE SPIRIT: With jet prices up $50/mt to $1,028/mt FOB ARA, barge prices also rose, to be assessed at $1,105/mt FOB Rdam. One producer said prices were higher now the Turkish market was starting to move and it was also selling truck at Eur960-970/mt FD Med; meanwhile, this price level was also supported by another supplier in the FD Germany market. Another industry source traded volumes at Eur970/mt. Some sources said the closure of a solvents unit in the Mediterranean in July meant supplies in Europe had become constrained. However, this was dismissed by other sources, who saw no extra movement out of NWE. Jet barge prices were assessed up $50/mt to $1,028/mt FOB. HEXANE: German solvent producer, DHC, BPs solvent subsidiary, will shut one of its five distillation columns at its Mulheim solvent unit, a company production manager source

Platts Global Hydrocarbon Solvents Price Assessments

($/mt) 1,550 1,450 1,350 1,250 1,150 1,050 950 20-Mar Solvent Xylene FOB Rotterdam Solvent Xylene FOB US Gulf Solvent MX FOB Korea

17-Apr

15-May

12-Jun

10-Jul

07-Aug

said Tuesday. In September, we have to take one of our distillation columns out for repairs for two weeks in September. We have to undertake isolation work on the column after a fire incident in January affected plant, the DHC source said, adding: We dont have any supply problems, but we are pretty short in hexane. We will fulfill on contracts, but there will be no spot available. In the barge market, one producer felt that FOB Rdam barges had been trading at a premium of $160/mt above naphtha CIF NWE cargoes. In the truck market, producers had pushed, and achieved, increases of up to Eur90/mt, in some cases, because of supply constraints from DHC. As a result, one producer was selling at Eur1,000/mt FD Med while another producer was offering material at Eur990-1,000/mt FD Germany. Another distributor was selling trucks at Eur970-980/mt FD Germany.

United States
XYLENES: Assessments held firm week on week at 60 cents/lb FOB USG as sellers cited persistent volatility in the spot MX market as reason for holding off on price

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movements in the solvents markets. Margins are razor thin even though we are in the seasonal upswing, a distributor source said Tuesday. Barge MX was assessed at 415 cents/gal FOB USG, up 10 cents on the week amid increased demand for prompt material. Breakeven costs for solvent xylene were estimated at 60.66 cents/lb, according to Platts data. The FOB Chicago assessment was stable at 60.50-61.50 cents/lb.TOLUENE: US assessments were stable week over week at 59 cents/lb FOB USG as sellers refrained from implementing price changes until barge toluene volatility subsides. That could come as early as the end of driving season, a market source said. Margins remained squeezed, sources said. Break-even costs for solvent toluene were estimated at 61.63 cents/lb, according to Platts data. Barge toluene was assessed at 422 cents/gal FOB USG for August, up 18 cents over the week on strong demand. The FOB Chicago assessment held firm at 60 cents/lb. HEXANE: Continued tightness in the US hexane market, along with a strengthening energy complex, helped to bolster hexane spot prices this week. Prices continued to be talked notionally at 56-58 cents/lb this week though trade activity was thin with no confirmed deals reported. Sources expected prices to remain firm, however and pointed to rising crude and gasoline values. WTI prices gained almost $6 week on week to be assessed Tuesday at $93.38/barrel, while unleaded 87 gasoline prices were up roughly 18 cents week on week to be assessed at 301.38 cents/gal. Those gains, sources said, were likely to continue to support hexane prices in the near term. The delivered price was assessed this week at 56.50-57.50 cents/lb while the extank price was assessed at 57.50-58.50 cents/lb.

Asia
Asian solvent-grade mixed xylene prices rose this week as buying sentiment improved, boosted by a firmer energy complex and the limited availability of

spot cargoes. The FOB Korea marker jumped $17/mt week on week Friday to $1,112/mt FOB Korea, while the CFR China marker rose $12/mt over the same period to $1,137/mt CFR China. Market sentiment in China was very weak early in the week due to a lack of a clear trend in energy markets and renewed eurozone concerns. The domestic solvent-MX price started the week at Yuan 8,550-8,600 ($1,119$1,126/mt), stable from last Friday, before dipping to a low of Yuan 8,500/mt Wednesday. There was a bonded warehouse cargo offered at $1,130/mt in East China. Discussions for imported cargoes were extremely thin in China, with only notional ideas given. On an FOB Korea basis, buying ideas were heard in the range of $1,090/mt, while selling ideas were heard at $1,100/mt. As the energy complex firmed later in the week and the isomer-MX market surged, trading activity picked up. Isomer-MX prices skyrocketed to be assessed at $1,238.50/mt FOB Korea and $1,251.50/mt CFR Taiwan Friday, up $33/mt and $31/mt, respectively, day on day, and up $53.50/mt and $49.50/mt week on week. Domestic solvent-MX prices edged back up to Yuan 8,550-8,600/mt Friday. Buyers were back in the spot market Friday seeking H2 August cargoes at $1,135/mt CFR China against offers at $1,150/mt CFR China, but no trade was heard. [Market sentiment] is better. All products are up Friday. The Chinese market is crazy in the afternoon, a Chinese market participant said Friday. There was also a tax-free H2 August cargo offered at $1,180/mt CFR China. Solvent-MX supply from South Korea continued to be limited as major producers do not have product to offer. Demand from Southeast Asia picked up this week as some buyers were seeking cargoes to stock up ahead of Ramadan. Stocking up prior to the holiday season in Southeast Asia is one reason. The second reason is the replacement of depleting inventory, a trader said. Buying ideas for H2 August cargoes were below $1,150/mt CFR Southeast Asia, while offers were at least $50/mt higher at $1,200/mt CFR Southeast Asia.

The demand is good. There is a shortage of solventMX cargoes and more inquiries this week, an industry source said. A cargo was heard traded this week at $1,110/mt FOB Singapore. Solvent-MX was assessed at $1,157/mt CFR Southeast Asia Friday, up $12/mt from a week earlier. Upstream, September ICE Brent crude futures rose $0.69/barrel day on day and $1.36/b week on week to $106.99/b at 4:30 pm Singapore time (0830 GMT) Friday.

Oxygenated Solvents

Northwest Europe
Prices reported in the first days of August showed that producers had successfully achieved price increases in the wake of contracts for C3 and while other raw materials posted strong gains from July to August. However, market participants noted higherthan-expected rises in upstream costs from July to August had also led to a conundrum: the need for higher prices in a month of seasonally low demand. ACETONE: The acetone market posted strong gains week on week, in part due to higher propylene costs, but also due to falling product availability. Phenol producers across Europe have adjusted capacity utilization rates in recent weeks, because weakened downstream demand had effectively reduced acetone output. One producer said the major suppliers were now seeking prices close to the Eur900/mt FD NWE levels, but acknowledged product could still be purchased at lower prices. Meanwhile, one trader and one distributor both said prices were firming, although full truck loads could be found at Eur830/mt FD NWE. PHENOL: Demand for incremental phenol volumes was muted this week, sources said, but supply also declined as a consequence of progressive cuts in refinery rates. One producer said that, although no official number

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existed, he understood utilization rates at phenol production units in Northwest Europe were around 70-75% due to plunging manufacturing activity in the polycarbonates chain. In addition, the producer noted, the spike in August benzene prices would likely put a further squeeze on downstream margins and could dampen demand. The Northwest European benzene contract in August was settled at Eur1,061/mt, or $1,299/mt FD NWE, representing a jump of Eur108/mt, or $116/mt, from July. The spike reflected a month of strong spot benzene pricing in NWE, where the market has been supported during July by a rally in the US Gulf Coast. In turn, this led to around 30,000 mt of product leaving Europe for the US, sources said, and helped maintain firm prices in the NWE market. The focus is now on margins, the same European phenol producer said, commenting on the impact on higher benzene prices. However, he declined to say whether margins were currently positive or negative. IPA: Isopropanol prices were stable in what market participants described as a balanced supply and demand situation. One distributor said demand had been fairly low and only small volumes sold as part of combination parcels. However, he added this was a normal scenario for this time of the year. ETAC/BUTAC: Both products saw upward price adjustments this week as one distributor mentioned improved buying interest as a factor pushing costs higher. A source at a major European producing company said prices were higher by Eur40/mt-Eur50/mt from last month as a reflection of more expensive feedstocks, but declined to comment on outright prices. The source noted upward adjustments were necessary to reflect a reality of firmer raw material costs.

immediate needs to chase down bids, sources said. Market sentiment showed signs of a pick-up Friday, when two market participants reported bids at Eur280/mt for August and Eur281/mt for September. NYMEX September crude futures spiked $3 during Friday to $90.13/b while ICE September Brent also jumped $3 to $108.90/b on the heels of better-thananticipated US job growth in July. The headline number garnered the attention of the market, said Gene McGillian of Tradition Energy, referring to the addition of 163,000 US jobs last month. However, methanol supply and demand fundamentals outshone movements in the energy complex and remained the key factor commanding price action. Elsewhere, the CFR China benchmark was assessed unchanged Friday at $365/mt.

Platts Global Oxygenated Solvents Price Assessments

($/mt) 1,800 1,700 1,600 1,500 1,400 1,300 1200 20-Mar Phenol FOB Rotterdam Phenol FOB US Gulf Phenol CFR China

17-Apr

15-May

12-Jun

10-Jul

07-Aug

United States
ACETONE: The US spot assessment was firm week on week at $1,091/mt (49.50 cents/lb) FOB USG on Tuesday as sources continued to see spot around 49-50 cents/lb for smaller parcels. A 1,000 mt cargo was done last week to Mexico at around 46-47 cents/lb, two sources said, adding that prices had since moved up. Another 500 mt cargo for export was heard done at 47 cents/lb. Acetone [spot] is going up, a source said, adding that reduced rates for phenol/acetone units continued to keep supply tight. In production, phenol/acetone units were still heard running at around 75% capacity, which sources deemed to be low. Domestic prices were heard at 58-59 cents/lb following a 5-cent increase August 1 by most sellers, with other sellers implementing the increase at or near August 15. September increases were a possibility, said sources, who added it was too early tell whether those were needed. Feedstock refinery-grade propylene was assessed stable over the week at 36.50 cents/lb. PHENOL: US spot assessments held firm at $1,422/mt (64.50 cents/lb) FOB USG as a larger 2,000 mt cargo

Methanol
Spot methanol prices edged Eur0.75/mt higher week on week to Eur281/mt FOB Rotterdam Friday. Activity was subdued this week as buyers remained largely below the Eur280/mt mark while sellers saw no

was heard sold out of Mobile, Alabama, to India at $1,380/mt FOB basis. Platts assessments reflect 5001000 mt cargoes. Sources indicated that given the deal level, a parcel of the same size out of Houston would likely command $1,400/mt FOB, adding roughly $20/mt for freight. One producer was heard offering 6,000-7,000 mt over the week, although confirmation was not available by time of publication. The export market remained thinly traded as buying ideas remained too low to cover variable costs, sources said. In domestic phenol, spot was stable at $1,344 /mt (61 cents/lb) delivered amid balanced fundamentals, sources said. In production, Georgia Gulfs Plaquemine, Louisiana, facility was heard shut as its phenol tanks were heard full. Online phenol/acetone units were heard running at 75% capacity. In feedstock benzene, spot fell 20 cents over the week to a Tuesday assessment of 445 cents/gal FOB USG for August. IPA: Spot export prices were flat week on week, assessed at $1,289-$1,311/mt (58.5-59.5 cents/lb) FOB USG amid a quiet market. The domestic assessment slipped $44/mt (2 cents/lb) to $1,3781,410 /mt on lackluster demand. Sources talked spot export in the 58-60 cents/lb range. For domestic

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contracts, one distributor was heard to have received a 2 cent decrease. A source described the market as very quiet saying, everything is dead out there, not much going on. In feedstocks, chemical-grade propylene contract price nominations for August were heard at a rollover to July, which was at 50.50 cents/lb. However, expectations are for a flat to 2 cent/lb decrease given ample supply. MEK/MIBK: MIBK prices were experiencing upward pressure this week as feedstock acetone values continued to rise. Demand was said to be subpar, although upstream acetone makers were pushing for 5-cent/lb price increase for August and that cost-push was expected to be seen in MIBK pricing. Sources talked pricing notionally at $2,1932216/mt FOB USG, although no confirmed trades were heard by time of publication. In MEK, there was little change in fundamentals, and demand remained soft, sources said. Sources talked pricing this week around 78-79 cents/lb FOB USG, although no trades were heard. The price was assessed at $1,719-1,741/mt FOB USG. ETAC: Spot export was assessed at $1,5651,587 (71-72 cents/lb FOB USG, up $55/mt week on week due to higher feedstock prices. ETAC domestic price was also assessed $55/mt higher at $1,642$1,664 (74.5-75.5 cents/lb). Celanese and Eastman announced 5-cent/lb increases, effective August 1 and 15, respectively. BP continued to face AA production issues at their Texas City, Texas, plant, a market source said. Celanese implemented a 3-cent increase on AA prices, effective Aug 1, and Eastman announced a 3cent increase on AA to go into effect Aug 15. AA was last assessed at 28.50-29.50 cents/lb delivered Thursday for domestic. Although acetic acid is higher, the major reason for higher ethyl acetate prices has been the dramatic increase in ethanol due to the Midwest drought, a source said. BUTAC: Spot butyl acetate export assessments were flat week on week, assessed at $1,642-$1,664/mt (74.50- 75.50 cents/lb) FOB USG. The BUTAC domestic assessment was also flat week over week at $1,676-$1,697. A market source talked the spot price notionally in the

mid 70?s cents/lb, or around $1,653/mt. Business is fair, nothing great, one market source said. INDUSTRIAL-GRADE ETHANOL: Assessments for proof gallons were up 145 cents/gal week on week to either side of 640 cents/gal FOB DSP for 190 proof, while the 200 proof assessment rose 200 cents/gal to either side of 720 cents/gal FOB DSP, as the rise in industrial-grade ethanol was 100% on corn, according to an industry source. Industrial-grade ethanol prices generally remain the same from Jan through June and then are subject to mostly quarterly price changes, said a source, although the current price change occurred after the beginning of Q3 2012 in July.

and VAM producers posted price increases of 2-5 cents for August contracts from July. Sources anticipated that due to limited availability, US would import those products from Asia.

Asia
Asian phenol prices were assessed flat week on week Tuesday at $1,425/mt CFR China and $1,465/mt CFR Southeast Asia. A Chinese trader said European-origin cargoes were heard traded at $1,420-$1,430/mt on a CFR China basis, while other market sources said the bid-offer range was heard around $1,400-$1,450/mt. Traded prices in China were reported to slipped Yuan 100/mt week on week to Yuan 11,100/mt ($1,419 /mt). Sinopec Gaoqiao Shanghai and Yanshan Beijing maintained their phenol ex-works offers at Yuan 11,000 mt this week, unchanged from last week. Market sources had last week said they anticipated prices to be relatively stable this week, despite higher crude and feedstock benzene prices, as downstream producers continue to face losses. Weak end-user demand for phenol is still causing buying sentiment for phenol to be low, a Japanese producer said. A Chinese trader said phenol prices are likely to remain supported over the next few weeks, despite low downstream demand, as Sinopec Sabic will shut its solvents plant in Tianjin for turnaround August 20 that can produce 220,000 mt/year of phenol and 140,000 mt/year of acetone. Sinopec Sabics production capacity is considered relatively large, so that will cause supply to be tighter, the Chinese trader said. A Southeast Asian trader disagreed, saying buyers would have procured what they required before the turnaround began. Benzene feedstock prices on a FOB Korea basis rose $42/mt week on week to $1,199/mt Tuesday. Sinopec Tuesday raised its benzene ex-works offers Yuan 400/mt week on week to Yuan 8,700/mt Tuesday, equating to $1,147/mt on an import parity basis, market sources

Methanol
US spot methanol prices were assessed Friday on either side of 107 cents/lb FOB USG, unchanged from the previous week. Abundant methanol supply was expected to prevail in the next two months as result of production issues in downstream acetic acid (AA) and vinyl monomer acetate (VAM) markets, sources said. August notional bid-offer ranges were heard most of the week at 106.50-107.50 cents/lb FOB USG. Early in the week, August deals were reported with BP on the selling side at 107 cents/lb ($356/mt) FOB USG. However, trading activity slowed down by the end of the week. Meanwhile, August inventory levels were characterized as balanced. In Asia, the China spot methanol price was assessed Friday at $365/mt on CFR basis, $2/mt higher from the previous week. As the US Treasury Department imposed this week new sanctions on Irans petrochemical sector, limited methanol availability in China was anticipated as the country imports 40% of its methanol from Iran. In US downstream markets, BP maintained the force majeure out of its AA plant located in Texas City, Texas. The unit has a production capacity of 580,000 mt/year. BP declared a FM on July 20 after a production issue with a raw material supplier was reported. As a result of the tight supply anticipated in AA and VAM markets, AA

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said. Downstream biphenol-A prices were heard to be up $20/mt week on week at $1,620/mt CFR China Tuesday, but producers continue to face losses. BPA producers typically require BPA prices to be at a $300/mt premium to phenol prices to be profitable. In India, phenol cargoes were heard traded at $1,500/mt CFR India. Acetone prices were unchanged week on week Tuesday at $950/mt on both a CFR China and CFR Southeast Asia basis. Prices in China were also heard to have remained flat week on week, at Yuan 7,550/mt ($965/mt). Sinopec Gaoqiao Shanghai and Yanshan Beijing lowered their acetone ex-works offers to Yuan 7,400/mt Tuesday, down Yuan 300/mt week on week. Market activity was heard to be quiet in both China and Southeast Asia amid dismal demand. In India, acetone cargoes were heard traded at $1,000/mt CFR India. In plant news, Guangdong Huizhou Zhongxin was heard to have restarted its 200,000 mt/year phenol and acetone plant over the weekend after shutting it last Tuesday for scheduled maintenance.

Methanol
Asian methanol prices were largely rangebound this week, with the CFR China benchmark settling at $365/mt Friday, up $2/mt week on week. Buying interest picked up mid-week when an August deal was heard done at $365/mt CFR China L/C 90 days. Offers were mostly at $370/mt CFR for non-Iranian cargoes, a $5/mt premium to Iranian material. Supply in the Chinese market could tighten after the US imposed new sanctions on Irans petrochemical sector. The US Treasury Department imposed sanctions July 31 on the Bank of Kunlun in China doing business with Iranian banks. China urged the US to immediately revoke the sanctions and will take up the matter with the US in Beijing and Washington. The Bank of Kunlun is a regional bank in western Xinjiang province that is 82% held by China National Petroleum Corp., while other Xinjiang entities own the remainder. Any sanctions

on the bank will have an immediate impact, as Iranian methanol makes up 40% of its import volume. Meanwhile, Chinese traders expecting supply to fall short quickly bought up cargoes but could not resell at higher values as end-user demand remains weak. The CFR Southeast Asia marker closed at $375/mt Friday, flat week on week. Regional supply could lengthen as the Brunei Methanol Company restarted its 850,000 mt/year plant Friday after an unplanned shutdown last week due to problems with its natural gas supply. Malaysias Petronas has yet to restart its 660,000 mt/year plant at Labuan, but its 1.7 million mt/year plant is operating well, and term customers were not affected. The Southeast Asian market is sharply divided in August because Muslim countries such as Indonesia and Malaysia will be closed for at least two weeks for Eid Fitr celebrations while demand from Thailand remains robust. A deal was heard traded at 50/50 plus 3%, after which it was resold at 50/50 plus 4%. The CFR Korea/Japan marker rose $6/mt week on week to $370/mt as major producer Methanex was in the market seeking and selling cargoes at around $365375/mt. A company source said Japanese traders were seeking spot cargoes after shipments from Saudi Arabia were delayed. The CFR Taiwan marker rose $3/mt week on week to $362/mt Friday. A source from Formosa said the company bought a September cargo at 50/50 minus 0.5% this week, but overall demand was still poor. Inventory levels remain high and it will be a while before it can be digested, he said. Prices will remain at a discount to China unless end-user demand improves, he added. The CFR India marker closed at $312/mt Friday, unchanged from last week, as demand remains poor. Around 55,000 mt of Iranian cargo was expected to arrive this week and port congestion could become an issue. High lending costs have also deterred buyers in the market. In contract news, Methanex this week announced its August contract price for the Asia Pacific region at $425/mt, down $15/mt from July.

Platts Global Chlor-Alkali Price Assessments

($/mt) 550 Caustic Soda FOB Rotterdam Caustic Soda FOB US Gulf Caustic Soda FOB NEA

500

450

400

350 20-Mar

17-Apr

15-May

12-Jun

10-Jul

07-Aug

Chlor-Alkali

Northwest Europe
In the export market, no spot volumes were reported moving from NWE to the US East Coast, although one market participant reported receiving inquiries for September shipment. FOB Rdam nudged up $5/mt to $387.50/mt on the back of tightening supplies and stable demand. A producer said he had a booking at $390/mt FOB Rdam, but this could not be confirmed with the market at time of press. Demand in the Mediterranean was also heard stable, but no fresh price indications were reported. Sources said there was limited availability for spot material as ongoing weakness of co-product chlorine meant operating rates remained, on average, in the low 70s. Meanwhile, in the contractual European caustic soda market, demand was reported stable and steady by market participants. Contract business is firm for the quarter and should not experience changes until the end of September, a producer said Tuesday, adding: We have just closed July business figures, and I can

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confirm that our contract business, which covers a wide array of applications, has been really steady. We have not seen any significant drops. Despite a slight drop for caustic soda, another source said that the market remained balanced to tight. However, the overall condition of Europes macroeconomic situation was seen impacting downstream applications. In the pulp and paper segment, Mondi published results Tuesday indicating that the European macroeconomic environment remains a concern, with continued soft demand evident in certain western European markets. Meanwhile, in its half-year results, Finlands UPM said the persistent uncertainty over European economic growth was heightened by risks related to the European sovereign debt problems and the growth prospects of the Chinese economy. In alumina, substantial production curtailments have supported global prices, despite the ongoing weariness of the aluminum market. In turn, global alumina prices were held higher by the anticipated ramp-up of Rio Tintos Alma smelter in Quebec; Rusals lost alumina production in Guinea and potential alumina cuts in Jamaica also helped hold up the price of alumina, according to market participants. On the chlorine side, sources said demand from PVC applications remained slow while market participants were heard digesting the feedstock increase and consumers resisting higher offers. Unfortunately, there has been little activity, and buyers are in a wait-and-see position, another trader said, adding: Customers have been told that prices would go up, because of ethylene, but they are reluctant to accept it as they dont see real demand.

TDI segments. In the contract market prices rose $20 week on week to an assessment of $300-310/st. Sources pointed to healthy demand during July as many participants in downstream markets saw prices bottom out and this was expected to push July chlor-alkali utliization rates into the mid-80% range. Spot trade was thin, with no confirmed trades heard as sources reported tightness along the

chlor-alkali chain. There was mixed sentiment going forward, with some participants anticipating demand would remain firm throughout August. Downstream, the vinyls chain remained strong and PVC makers in the US were looking to implement domestic price hikes of 3-5 cents/lb for September on the back of healthy demand. Meanwhile, spot PVC export prices were assessed this week on either

Subscriber Notes:
On September 1, 2012, biofuels heards, bids, offers and trades during the Platts Market on Close assessment process will move from PCA page 5, PGA page 2, PGA page 400, and be published exclusively on the Platts Biofuels Alert (and biofuels add-on) PBF page 1. Current subscribers who would like to continue to receive this information, or who want to know more about the Platts Biofuelscan, should contact Platts at support@platts.com, biofuels@platts.com or contact an account representative. Platts plans to remove all biofuels assessment data and market commentaries from Platts Marketscans, Platts Refiner, Platts Oilgram Price Report, Platts Europe & Americas Petrochemicalscan and Platts Asian Petrochemicalscan with effect from January 1, 2013. These assessments and commentaries are being published in the Platts new newswire service, Platts Biofuelscan, following its soft launch on June 1, 2012. The affected assessments are listed below. Current subscribers who would like to continue to receive this information, or who want to know more about the Platts Biofuelscan, should contact Platts at support@platts.com, biofuels@platts.com or contact an account representative. This note supersedes all previous notes regarding the move of Platts biofuel assessment data and commentary from Platts Marketscans, Platts Refiner, Platts Oilgram Price Report, Platts Europe & Americas Petrochemicalscan and Platts Asian Petrochemicalscan to the Platts Biofuelscan.

ETBE DESCRIPTION
ORACLE CODES
Northwest Europe

ETBE FOB AR ($/mt)

AASLQ00

ETHANOL DESCRIPTION
ORACLE CODES
United States (cents/gal) Brazil Cargo

ORACLE CODES Ethanol FOB Santos (cents/gal) Ethanol FOB Santos ($/cu m) Ethanol FOB Santos (Real/cu m)
Northwest Europe

Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol

Chicago (terminal) Chicago (Rule 11) swap Chicago (M+1) swap Chicago (M+2) NYH Barge (M1) NYH Barge (M2) Houston 5-15 Tank

AALRI00 AAVWD00 ESCM001 ESCM002 AAMPF00 AAUEG00 AATGJ00 AAMNK00 AAMNN00 AAMFT00 AAMFZ00

AATAE00 AAWFO00 AAWFP00 AAWUQ00 AAYDT00 AAVLD00 AAYDS00 AAWAD00 AAWAA00 AAWAB00 AAWAC00 AAWAE00

United States
CHLORINE: Spot prices moved higher this week, gaining $10/st to be assessed on either side of $200/st FOB plant as sources reported strong downstream demand from the vinyls, bleach and

Southern California Rail Car (cents/gal)

Ethanol Ethanol Ethanol Ethanol

T1 T2 T2 T1

FOB Rdam ($/cu m) FOB Rdam (Eur/cu m) FOB Rdam German Spec (Eur/cu m) CIF NWE Cargo ($/cu m) FOB Singapore CIF Philippines CIF Philippines H1 (M+1) CIF Philippines H2 (M+1) CIF Philippines H1 (M+2)

Asia Pacific ($/cu m)

Ethanol prompt 7-14 Ethanol forward 15-30

Northern California Rail Car (cents/gal)

Ethanol Prompt 7-14 Ethanol Forward 15-30

Bioethanol Bioethanol Bioethanol Bioethanol Bioethanol

Copyright 2012, The McGraw Hill Companies

PLATTS SOLVENTSWIRE

AUGUST 7, 2012

side of $840/mt FAS Houston amid strong demand. CAUSTIC SODA: Spot prices in the US gained $15 week on week to be assessed at $395-405/mt FOB USG on continued healthy demand. Sources pointed to persistent strength in Latin America and tight supplies in Asia as primary drivers for the gains. Demand from pulp and paper was characterized as firm and, coupled with derivative demand from coproduct chlorine, sources expected utilization rates for chlor-alkali producers in July could reach as high as 85%. No spot trades were heard this week. In contracts, sources talked pricing this week in the mid-$500s/st this week as chlor-alkali producers continued to push for a July price increase of $60/st. Sellers said there was pushback on the increase but noted some success and at least one seller pointed out that if the full amount did not go through for July, the balance would likely apply to August. In other regions, Asian caustic soda prices were assessed slightly higher this week at $528-530/mt CFR SE Asia, while European caustic values gained $5/mt to $387.50/mt FOB Rdam.

Subscriber notes (continued) BIODIESEL DESCRIPTION

ORACLE CODES
Northwest Europe ($/mt)

ORACLE CODES FAME 0 FOB ARA Soy Methyl Ester (SME) FOB ARA Rapeseed Methyl Ester (RME)FOB ARA
Asia ($/mt)

FAME -10 FOB ARA FAME 0 FOB ARA Soy Methyl Ester (SME) FOB ARA Rapeseed Methyl Ester (RME) FOB ARA
Renewable Energy Directive ($/mt)

AAWGY00 AAXQL00 AAUCB00 AAUCA00 EU AAWGH00

AAWGI00 AAWGJ00 AAWGK00 AAVSV00 AAURR00 AAURS00

FAME -10 FOB ARA

Biodiesel FOB Southeast Asia United States (cents/gal) Biodiesel B99.9 SME Chicago Biodiesel B99.9 SME Houston

RENEWABLE IDENTIFICATION NUMBER (cents/RIN)

ORACLE CODES
Ethanol Advanced biofuel

ORACLE CODES RIN Calendar-Year (Y-1) RIN Calendar-Year (Y)

Cellulosic biofuel

RIN Calendar-Year (Y-1) RIN Calendar-Year (Y)

Biodiesel

RINCY01 RINCY02 BDRCY01 BDRCY02 BDRCY02

ABRCY01 ABRCY02 CBRCY01 CBRCY02

RIN Calendar-Year (Y-1) RIN Calendar-Year (Y) RIN Calendar-Year (Y)

RIN Calendar-Year (Y-1) RIN Calendar-Year (Y)

Notes: M1 = Current month M2 = Next month M+1 = Current month + number of forward days (see methodology guide) M+2 = Current month + number of forward days (see methodology guide) Y = Current year Y-1 = Last year

Asia
Asian caustic soda prices edged up this week as spot availability remained tight. On an FOB Northeast Asia basis, prices rose $1/mt week on week Tuesday to be assessed at $480/mt, while on a CFR Southeast Asia basis, rose $1/mt over the same period to $529/mt. Offers were heard at $485-490/mt FOB China, with some buying indications at $450-460/mt. No deals were heard concluded this week as high offers were meet with stiff resistance from buyers, who say that downstream demand shows no signs of improving. Plants in Chinas Shandong province were heard to be operating at 40-50% of capacity this week, while rates in Jiangsu province remained at 5060%. Caustic soda supplies are expected to be tighter in August as producers have either cut operating rates

Platts plans to remove all biofuels assessment data and market commentaries from Platts Petrochemical Alert with effect from September 1, 2012. These assessments and commentaries will be relocated to Platts new information service, Platts Biofuels Alert, from September 1 onwards. Current PCA subscribers who would like to continue to receive this information should please contact Platts at support@platts.com, PGA@platts.com, biofuels@platts.com or contact an account representative.

New pages
Current Pages PCA 875 PCA 920 PCA1131 PCA 877 PCA 875 PCA 615, 616 PCA 614 PCA 444 PCA 610 PCA 830 PCA 832 PCA 834 PCA 876 Biofuel Alert Pages PBF 5 PBF 150 PBF 151 PBF 299 PBF 610 PBF 1210 PBF 1211 PBF 1212 PBF 1299 PBF 1310 PBF 1311 PBF 1312 PBF 1399 Description Americas Biofuel Assessments Biofuels Plant Operations Biofuels Projects Americas Ethanol Market Commentary Ethanol swaps European Ethanol Assessments European Ethanol Weekly Averages European Ethanol Monthly Averages European Ethanol Market Commentary European Biodiesel Assessments European Biodiesel Weekly Averages European Biodiesel Monthly Averages European Biodiesel Market Commentary

Copyright 2012, The McGraw Hill Companies

PLATTS SOLVENTSWIRE

AUGUST 7, 2012

or are considering the possibility as the price of byproduct chlorine continues to fall, sources said. Several downstream chlorine end-users such as chemical fertilizer and agriculture chemical manufacturers have shut operations on weak demand. Caustic soda producers in Jiangsu were heard losing around Yuan 100-200/mt on liquid chlorine, while those in Shandong were losing Yuan 200-300/mt. The domestic price for 48% caustic soda concentration in Jiangsu was quoted at Yuan 1,530/mt, which equates to $504/mt on an export parity basis, while the price in Shandong was quoted at Yuan 1,420/mt, or $467/mt on an export parity basis. The domestic price for 32% caustic soda concentration in Jiangsu was quoted at Yuan 980/mt, and in Shandong at Yuan 840/mt. In Southeast Asia, offers were heard at $535-540/mt CFR Southeast Asia for Chinese-origin material, while buying indications were heard at $510-520/mt. Demand was heard to be weak in the region, with only a few inquiries from Malaysia, sources said. Malaysia is only market in Southeast Asia now; there are zero inquiries from other countries in the region, a Northeast Asian trader said. Demand in Thailand were heard to be sluggish, but is expected to pick up in October during sugarcane harvest season, as caustic soda is used as an agent to clean production components at sugar factories.

Subscriber notes (continued) New pages

Current Pages PCA PCA PCA PCA PCA PCA PCA PCA PCA PCA PCA PCA PCA PCA PCA 611,616 613 444 612 661, 2080 662, 2082 2081 663 1075, 2080 1076, 2082 2081 203, 2080 344, 2082 2081 705 Biofuel Alert Pages PBF PBF PBF PBF PBF PBF PBF PBF PBF PBF PBF PBF PBF PBF PBF 1410 1411 1412 1498 2210 2211 2212 2299 2310 2311 2312 2410 2411 2412 2499 Description European ETBE Assessments European ETBE Weekly Averages European ETBE Monthly Averages European ETBE Market Commentary Asia Ethanol Assessments Asia Ethanol Weekly Averages Asia Ethanol Monthly Averages Asia Ethanol Market Commentary Asia BiodieselAssessments Asia BiodieselWeekly Averages Asia BiodieselMonthly Averages Asia MTBE Assessments Asia MTBE Weekly Averages Asia MTBE Monthly Averages Asia MTBE Market Commentary

Platts proposes to suspend page PCA 52 on Platts Petrochemical Alert, with a tentative suspension date of August 20, 2012. Page 52 is a continuation page for PCA 5, which is itself widely used by readers to review bids, offers and trades published during the Platts Market on Close assessment process for petrochemicals, globally. At the same time, Platts proposes to enhance page PCA 5, adding more lines to allow for a fuller display of bids, offers, trades and trade summaries. For greater clarity, PCA 5 will display each event as it is published, but will no longer append previous events to the body text. This will allow the reader to more clearly associate each published event with its relevant headline and simplify viewing the text published on PCA 5. Please send comments or queries to petchems@platts.com by August 13, 2012. Platts is extending the feedback period on its proposal to introduce high density polyethylene net contract prices. Platts is seeking industry feedback on its intention to introduce high density polyethylene net contract price weekly assessments for Northwest Europe and the UK, to be published in Platts Petrochemical Alert and Polymerscan. The proposed NWE and UK net contract assessments will reflect the following grades of HDPE:injection, blowmolding, film, high molecular weight 2- 5 and high molecular weight 5-10. The assessments will refer to regular business in NWE and the UK at prices agreed between buyers and sellers on a monthly basis after discount. The assessment will be basis Euro/mt for NWE and GBP/mt for the UK and will be published concurrent to the HDPE gross contract price assessments for FD Germany euro/mt and FD UK GBP/mt. Please send any queries or feedback to Ilana Djelal, ilana_djelal@platts.com, petchems@platts.com, with a copy to pricegroup@platts.com.

News Briefs

US drought expected to cut 2012 ethanol output To 870,000 B/D: EIA

Washington The US Energy Information Administration on Tuesday dropped its outlook for 2012 ethanol production by 500,000 gallons to 13.3 billion gallons as a severe drought decimates the fuels chief feedstock, corn. In its Short-Term Energy Outlook for August, the agency cut its

SOLVENTSWIRE

Volume 35 / Issue 32 / August 7, 2012

Editorial: Sydney +61-2-9255-9842. Singapore +65-6530-6584. Tokyo +81-3-3593-8831. London +44-20-7176-6264. New York +1-212-904-4174. Houston +1-713-658-3206. Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1-212-904-3070 Europe & Middle East: +44-20-7176-6111 Asian Pacific: +65-6530-6430 Latin America: +54-11-4804-1890, E-mail: support@platts.com Copyright 2012, The McGraw-Hill Companies. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of The McGraw-Hill Companies Inc.Information has been obtained from sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw-Hill or others, McGraw-Hill does not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use of such information. See back of publication invoice for complete terms and conditions.

Copyright 2012, The McGraw Hill Companies

10

PLATTS SOLVENTSWIRE

AUGUST 7, 2012

prediction for ethanol output by 8% to 830,000 b/d for the second half of 2012. EIA said ethanol plants would produce an average of 870,000 b/d in 2012 or about 3% less than EIA predicted last month. Drought conditions in the Midwest have reduced corn production estimates and driven up corn prices, resulting in some ethanol plants temporarily idling production as a result of higher costs and weaker profits, EIA Administrator Adam Sieminski said in a statement. Lower ethanol output will result in lower US ethanol exports, which have been at historically high levels since late 2010.

Indias HPL in talks to process third party naphtha for conversion fee
Singapore Indias Haldia Petrochemicals Limited is exploring the option of offering its naphtha-fed steam cracker capacity to process naphtha belonging to other entities for a conversion fee, sources close to matter said late Monday. The plan is seen as a move to help the cracker continue to operate at full rates while easing pressure on the company to purchase naphtha in the wake of its financial woes, a source said. HPLs naphtha-fed steam cracker is able to produce 670,000 mt/year of ethylene and 330,000 mt/year of propylene, which equates to a naphtha feedstock requirement of around 2 million mt/year. HPL has run into financial trouble because of frequent shutdowns over the past year, with its losses estimated at Rupees 3 billion ($54 million) over the past nine months. This has made cash injection into the company essential. In addition, HPL requires financing for its downstream expansion plans. The source added that HPL is currently in negotiations with major trading companies for the naphtha swap deal under which it would process naphtha into petrochemical products, which it would deliver back to the counterparty. A trade source aware of the negotiations said all that will be charged would be a processing fee. A HPL official declined comment Tuesday, saying that talks were ongoing and the company had yet to finalize details. This might happen at the end of the month, the official added. HPLs naphtha-fed steam cracker is currently running at full capacity, the official said. But a trading source said it was running at 95% of capacity with remaining 5% expected to be rented out. This could not be confirmed. Indian refiners such as Mangalore Refinery and Petrochemicals Limited and Indian Oil Corporation are also reportedly negotiating for equity stakes in HPL, with IOC already holding a 10% stake.

HPL used to have FOB Middle East term supply agreements with Kuwait Petroleum Corp., but it is understood the company did not participate in KPCs last round of term discussions, for the August 2012July 2013 cycle. For its spot naphtha requirements, sources close to the company said HPL might come out to seek volumes soon. Details could not be confirmed, with the HPL official saying only it was working on firming up plans. Platts data showed the company has in the past sought 20,000-50,000 mt sized cargoes of naphtha with a minimum paraffin content of 75% on an FOB Middle East or CFR Haldia basis, priced to the Mean of Platts Arab Gulf naphtha assessments.

US spot ethylene hits 10-week high at 50 cents/lb as ethane climbs

Houston US spot ethylene reached the 50 cent/lb mark for the first time in more than two months as higher feedstock costs and upcoming turnarounds lent support, market sources said Tuesday. A spot deal for August delivery was heard at 50 cents/lb Mont Belvieu Williams pipe basis in morning trading, after which ethylene was talked in a range of 48-51 cents/lb, also MtB Williams basis. It marked the first time in more than 10 weeks that ethylene was heard talked or transacted at or above 50 cents/lb. Platts assessed ethylene at 50-52.25 cents/lb FD USG on May 29. Market sources pointed to stronger feedstock costs assessments for US Gulf Coast purity ethane have risen more than 2 cents/gal since August 2 (35.70 cents/gal), while spot was heard talked Tuesday higher around 39 cents/gal and inventory buildup by some participants ahead of scheduled turnarounds in September and October as likely reasons why ethylene was on the rise. Ethane is firming in Q3, and some people are getting ready for these upcoming outages, a veteran olefins trader said.

German chemical June orders drop 4.2% from May: Destatis

London New orders to German chemical producers fell in June by 4.2% month-on-month on a seasonally, calendar and price-adjusted basis, thus ending a five-month sequence of modest growth, provisional value data by the federal statistics office showed Tuesday. Order activity softened across geographical areas, with domestic demand dropping 5.2% and export orders receding 3.3%. The latter included a 2.5% fall in new business from eurozone countries and a 3.8% decrease from non-euro buyers. Orders for base chemicals were 4.4% lower than in May on a 5.5% decline on the domestic front and a 3.5% decrease in export demand, according to the preliminary data. Across Germanys entire manufacturing sector, new order activity fell 1.7% amid weakness in the intermediate (-3.2%) and capital goods (-1%) segments. Over the first half of the year, the value of firm chemical orders was 5.4% lower than in the previous year, with similar declines recorded in domestic (-5.5%) and foreign (-5.3%) new business.

Copyright 2012, The McGraw Hill Companies

11

2nd Annual

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