Argus Global Waxes

Transcription

Argus Global Waxes

Argus Global Waxes
Incorporating WAX DATA
Issue 15-12 Thursday 31 December 2015
Prices
Market summary
31 Dec
Fully-refined solid paraffin wax with a 58/60C melt point
held stable at $1,120-1,140/t fob China in December. Semirefined slabs of 58/60C paraffin wax were also unchanged
from November at $1,080-1,130/t fob China. Bulk liquid export
prices for 58/60C paraffin wax from China held firm this
month at $1,030-1,030/t fob. But the CFR southeast Asia bulk
liquid prices from China fell $55/t to $1,050-1,070/t. Feedstock slack wax prices also decreased in December, dropping
$20/t to $620-700/t fob southeast Asia.
European slack wax prices firmed amid tightening supplies. Demand was supported by the imminent closures of two
Group I base oil and wax plants in northwest Europe. Prices of
fully-refined paraffin wax faced upward pressure from rising
slack wax prices.
US fully-refined paraffin and slack wax prices held steady in
December despite a seasonal slowdown in demand and steep
drops in crude and base oil prices.
30 Nov
±
Paraffin wax, fob US Gulf $/t
Fully-refined, low-melt
1,627.45
1,627.45
0.00
Fully-refined, mid-melt
1,634.29
1,634.29
0.00
Fully-refined, high-melt
1,685.99
1,685.99
0.00
Slack, 15-25%
1,308.44
1,308.44
0.00
Ice Brent
37.28
44.61
-7.33
Nymex WTI
37.04
41.65
-4.61
VGO 1.6% NWE barge
256.75
297.88
-41.12
VGO USGC 2.0% barge
291.40
318.31
-26.91
SN 150, Singapore ex-tank
535.00
550.00
-15.00
SN 150, Europe domestic
612.50
607.50
+5.00
SN 150, US domestic
500.00
545.50
-45.50
+46.12
Crude oil $/bl
Feedstocks $/t
Base oils $/t
Europe SN 150 premium to VGO
355.75
309.62
US SN 150 premium to VGO
208.60
227.19
-18.59
Singapore SN 150 premium to gasoil
212.73
128.51
+84.22
Europe SN 150 premium to ULSD, NWE
293.50
197.00
+96.50
US SN 150 premium to ULSD, USGC
181.86
168.85
+13.01
Oil products $/t
Gasoil 0.005%, Singapore
322.27
421.49
-99.22
ULSD, NWE, German barges
319.00
410.50
-91.50
ULSD, USGC Colonial 62
318.14
376.65
-58.51
Oil status
Crude oil
High global crude inventories combined with the effective lifting of the Opec member production ceiling helped to push down
oil prices. But US benchmark WTI did not fall by as much as the
North Sea benchmark with US crude exports now allowed.
Opec ministers made no recommendation on output at
their meeting in Vienna on 4 December, essentially abandoning their 30mn b/d production ceiling, which spurred a drop in
Copyright © 2015 Argus Media Ltd
$/bl
Nymex WTI
Ice Brent
52
47
42
37
Contents
Business outlook
Market commentary
News and analysis
Crude
3
6
11
32
20 Oct
3 Nov
17 Nov
1 Dec
15 Dec
30 Dec
Argus Global Waxes
Manufacturers shipments, inventories and orders survey
Shipments
Sep/Oct
New orders
Aug/Sep
Jul/Aug
Unfilled orders
Inventories
Sep/Oct
Aug/Sep
Jul/Aug
Sep/Oct
Aug/Sep
Jul/Aug
Sep/Oct
Aug/Sep
Jul/Aug
Durable goods
-1.0
0.3
-0.5
2.9
-0.8
-2.9
0.3
-0.5
-0.3
-0.3
-0.6
-0.2
Nondurable goods
0.0
-0.9
-1.3
0.0
-0.9
-1.3
na
na
na
0.2
-0.4
-0.7
crude prices.
Argus data shows Opec member-countries maintained
high output levels in November, producing 31.8mn b/d, up
from 31.75mn in October. November’s total was equivalent to
32.5mn b/d including Indonesia, whose Opec membership was
reactivated. Iraq increased output by 150,000 b/d to a record
4.25mn b/d in November. Opec cut its production forecast this
year to 29.4mn b/d.
US commercial crude oil stocks seesawed over the month,
ending lower just over 2mn bl to 487.4mn bl. This minor
decline failed to alleviate downward price pressure on the
benchmarks.
During the last month Ice Brent crude fell by $7.33/bl to
$37.28/bl. The Nymex light, sweet crude contract fell $4.61/bl
at $37.04/bl. Nymex WTI was likely supported by the repeal of
the forty-year ban on US crude exports on 18 December.
Feedstocks
Vacuum gas-oil (VGO) demand was sporadic as the year drew
to a close.
Cargo sellers retreated as Brent crude moved to slight
discounts against Nymex WTI on 22 December and remained
below the WTI benchmark since, at discounts averaging around
$0.13/bl. Barge demand was limited by year-end inventory
VGO
$/t
VGO 0.5% NWE barge
taxes, with most refiners keeping stocks lean. Northwest
Europe 1.6pc sulphur VGO prices continued to weaken, shaving off $41.13/t to $256.75/t to end the year. US high sulphur
VGO prices also contracted, with values down $23.99/t from
the previous month to $294.32/t. A heavy turnaround season starting in January should boost VGO demand in the US,
particularly with much of the maintenance focused on crude
distillation units.
Base oils
Global Group I base oil prices were mixed in December. Prices
fell for SN 150 and SN 500 in the US and Asia-Pacific pressured by a rising supply surplus combined with a slowdown in
seasonal demand and the steep drop in crude and feedstock
prices.
European Group I prices held mostly steady to firm in December supported by unusually firm demand and tighter than
expected supplies. Buying interest surged for blenders and
trading firms who sought to replenish and build stocks ahead
of the imminent closure of two Group I base oils and wax
plants in the region.
Prices in Singapore for SN 150 fell by $15/t to $535/t. In
Europe, SN 150 prices rose by $5/t to $612.5/t. US light grade
prices fell by $45.5/t to $500/t.
Base oils Group 1 SN 150
VGO 1.6% NWE barge
ex-tank Singapore
350
630
330
600
310
570
290
540
270
510
250
21 Oct
4 Nov
18 Nov
2 Dec
16 Dec
31 Dec
480
16 Oct
Page 2 of 13
30 Oct
$/t
fob domestic NWE
13 Nov
27 Nov
US domestic
11 Dec
24 Dec
Argus Global Waxes
Paraffin wax prices, fob US Gulf
¢/lb
Low
$/t
High
Mid
±
Low
High
€/t
Mid
±
Low
High
Mid
±
-43.45
Fully-refined, low-melt
72.43
75.21
73.82
0.00
1596.81
1658.10
1627.45
0.00
1469.46
1525.86
1497.66
Fully-refined, mid-melt
72.88
75.38
74.13
0.00
1606.73
1661.84
1634.29
0.00
1478.59
1529.31
1503.95
-43.63
Fully-refined, high-melt
75.34
77.61
76.48
0.00
1660.96
1711.01
1685.99
0.00
1528.50
1574.55
1551.52
-45.02
Slack, 15-25%
57.40
61.30
59.35
0.00
1265.45
1351.43
1308.44
0.00
1164.53
1243.66
1204.10
-34.93
Refining and production
US petroleum wax output rose in October to its second highest
level this year mostly due to a surge in Gulf coast production.
Wax production rose to 168,000 bl in October, up from 130,000
bl in September but remained well below the 240,000 bl produced in October 2014.
Year-to-date wax output for 2015 stands at 1.5mn lbs, down
33pc from the first ten months of 2014.
This year’s substantial drop in output was caused by the
startup of ExxonMobil’s Group II/II+ base oil expansion earlier
this year. Part of the plant’s slack wax production was discontinued before the startup of the base oils expansion.
US base oil and lube production rose in October to its second highest level this year. Base oil output rose to 5.83mn bl in
October, up from the 4.89mn bl produced in September and in
October 2014.
The rise in base oil output in the Gulf and west coasts
outstripped the decreased production in the Atlantic coast and
mid-west. Base oil production rebounded in the Gulf and west
coasts in October after two refineries came back online from
turnarounds the previous month. A major Group II producer in
the west coast performed extensive maintenance in September. Another Gulf coast refinery completed a turnaround in
September.
Business outlook
Asia-Pacific
China's consumer inflation rebounded in November after vegetable prices surged due to unusually frigid winter. Prices rose
1.5pc over a year earlier, accelerating from October's 1.3pc.
That was driven by a 9.4pc rise in prices of fresh vegetables.
Consumer inflation had been drifting down after hitting 2pc in
August. Relatively low inflation has given Chinese leaders room
to cut interest rates six times since last November to stimulate
the slowing economy. Also in November, wholesale prices measured as goods left the factory fell for a 44th straight month,
declining by 5.9pc from a year earlier. Inflation in non-food
consumer prices edged up to 1.1pc from October's 0.9pc.
The manufacturing purchasing managers' index (PMI) came
in at 49.6 in November, down from 49.8 in October. A reading above 50 indicates expansion, while anything below 50
represents a contraction. The production sub-index posted a
reading of 51.9, down from 52.2 in October. The sub-index for
new orders was at 49.8, back in contraction territory after
posting 50.3 in October. Domestic demand and international
demand are both lower amid a winter lull. Retail and wholesale business, as well as services such as internet software,
banking, as well as securities trading and insurance, all saw
strong expansions.
Indonesia is expected to hold benchmark interest rates at
7.5pc after US federal reserves raised interest rates for the
first time since the 2009 financial crisis. World Bank said the
economy is expected to grow at 4.7pc rates in 2015 and 5.3pc
in 2016. The rupiah in December weakened, hovering above
14,000 per USD. The currency has lost about 12pc of its value
in 2016, among the worst-performing currencies in Asia.
Corporate revenue in South Korea reduced in the third
quarter due to lower oil prices that pulled down prices of
export products. Corporate revenue fell 1.6 percent in the
third quarter from a year earlier after reducing 4.3 percent in
the second quarter. Sales among big corporations dipped 3.4
percent, with those for small companies slumping 6.5 percent.
Revenue among manufacturers decreased 2.1 percent. The
revenue fall came as lower crude oil prices pulled down prices
of export products. By industry, sales in the oil and chemical
industry plunged 17.7 percent, with those in the metal products and electricity & gas sector sinking 8.1 percent and 13.3
percent respectively.
Europe
The eurozone recovery has gathered pace in the final quarter
of 2015, which is expected to have the fastest rate of economic growth in four and a half years, according to Markit’s
flash December purchasing managers’ index (PMI) estimate.
Page 3 of 13
Argus Global Waxes
US wax imports
VWA ¢/lb
Oct
Sep
Volume mn lb
±
2015
YTD
2014
YTD
±
Oct
Sep
±
2015
YTD
2014
YTD
±
58.05
Petroleum wax
Paraffin wax,< 0.75% oil
68.15
63.53
4.62
68.40
75.61
-7.21
38.65
51.68
-13.03
387.47
329.42
Micro, slack, misc. wax
54.76
58.72
-3.96
57.90
62.37
-4.47
27.68
29.64
-1.96
246.60
211.99
34.61
Total petroleum wax
62.56
61.78
0.78
64.32
70.43
-6.11
66.33
81.32
-14.99
634.07
541.41
92.66
Carnauba wax
306.48
338.60
-32.12
363.10
351.51
11.59
1.13
1.05
0.08
8.83
8.12
0.71
Candelilla wax
120.53
55.31
65.22
135.90
185.17
-49.27
0.18
0.32
-0.14
1.26
1.23
0.03
-6.93
Non-petroleum wax
Vegetable wax, other than TG
193.03
125.36
67.67
152.50
62.64
89.86
0.16
0.23
-0.07
1.76
8.69
Beeswax
395.49
406.41
-10.92
389.50
334.62
54.88
1.18
0.86
0.32
7.50
6.72
0.78
93.58
95.27
-1.69
102.10
126.14
-24.04
0.38
1.15
-0.77
4.84
3.20
1.64
297.84
238.77
59.07
291.87
224.56
67.31
3.03
3.61
-0.58
24.19
27.96
-3.77
147.80
151.63
-3.83
149.60
147.18
2.42
29.39
28.67
0.72
231.94
233.36
-1.42
Oct
Sep
2014
YTD
±
Oct
Sep
±
2014
YTD
±
Montan wax
Total non-petroleum wax
Candles
US wax exports
VWA ¢/lb
Volume mn lb
±
2015
YTD
2015
YTD
Petroleum wax
Paraffin wax,< 0.75% oil
87.36
73.71
13.65
92.50
85.86
6.64
4.16
4.95
-0.79
40.15
47.62
-7.47
Micro, slack, misc. wax
71.20
57.48
13.72
61.60
64.24
-2.64
22.56
24.02
-1.46
267.35
395.92
-128.57
Total petroleum wax
73.72
60.26
13.46
65.66
66.56
-0.90
26.72
28.97
-2.25
307.50
443.54
-136.04
Vegetable wax, other than TG
262.00
240.38
21.62
206.90
173.03
33.87
0.28
0.36
-0.08
4.33
5.47
-1.14
Beeswax
186.38
162.04
24.34
172.50
174.79
-2.29
0.32
0.30
0.02
3.63
3.81
-0.18
Total non-petroleum wax
222.02
204.88
17.14
191.21
173.75
17.46
0.60
0.66
-0.06
7.96
9.28
-1.32
317.07
324.13
-7.06
343.60
305.44
38.16
11.49
9.46
2.03
86.65
76.70
9.95
Non-petroleum wax
Candles
At 54, down from 54.2 in November, the PMI reading is solid
if not spectacular, as low crude prices and a weak euro-dollar
exchange rate bolster European manufacturing.
The weak euro-dollar exchange rate is also helping
Europe’s international trade balance, and this is unlikely to
change in the short term. Eurozone annual inflation has risen
slightly to 0.2pc, but this is well below the 2pc target identified by the European Central Bank (ECB). The ECB extended
its anti-deflationary quantitative easing measures by six
months to at least March 2017 earlier in December.
Eurozone production in industry and construction increased slightly in October according to the latest figures from
statistical office Eurostat. Industrial production rose by 0.6pc
in the eurozone compared with September, and grew by 1.9pc
year on year. Eurozone plastic production was slightly higher
than in October last year, but 2015 remains below 2014 on a
year-to-date average basis. This is to be expected following
plant closures in high densisty polyethylene at the end of 2014
and numerous polyolefin production shutdowns earlier this
year. In construction, the gain was 0.5pc month on month and
1.1pc compared with October 2014. But the construction industry has generally lagged behind other economic indicators
during a stagnant 2015. The sector, particularly infrastructure
construction, relies heavily on public spending, which has
been curtailed by austerity measures in a number of European
countries.
US
US economic indicators showed signs of improvement in the
fourth quarter. Building permits and housing starts increased
in November. The Federal Reserve raised its benchmark interest rate in December for the first time since 2008.
The Federal Reserve raised its key interest rate from a
range of 0pc-0.25pc to a range of 0.25pc-0.5pc on 16 Decem-
Page 4 of 13
Argus Global Waxes
US candle imports, Oct
Country
US candle exports, Oct
VWA Volume
¢/lb
mn lb
Volume % Top ports by volume
Country
VWA Volume
¢/lb
mn lb
Canada
130.88
9.15
31.12 Detroit, Buffalo
Canada
230.94
4.15
36.15 Buffalo, Arb Dst
Vietnam
201.26
6.90
23.47 Los Ang, Seattle
UK
395.60
3.46
30.14 NY City, Detroit
India
108.94
4.05
13.78 New Orl, NY City
Netherlands
297.51
1.60
13.94 Norfolk, Detroit
Mexico
64.91
3.11
10.58 Laredo, San Dgo
Mexico
124.30
0.56
Dominican Republic
76.61
2.04
6.94 NY City, P Rico
Germany
867.20
0.35
3.05 NY City, Los Ang
China
215.19
1.42
4.83 Los Ang, NY City
Australia
384.21
0.23
2.00 Los Ang, Chrlstn
Poland
100.28
0.57
1.94 Balt, Norfolk
Korea
441.65
0.19
Thailand
161.93
0.57
1.94 Los Ang, NY City
UAE
243.70
0.15
Others
317.79
1.59
5.40 48 countries
Others
318.98
0.79
6.87 87 countries
1.48
29.40
3.17
11.48
Total
100.00
Total
Paraffin wax containing less than 0.75% oil imports, Oct
Country
VWA Volume
¢/lb
mn lb
100.00
Paraffin wax containing less than 0.75% oil exports, Oct
Country
VWA Volume
¢/lb
mn lb
China
58.62
23.86
61.75 San Frn, Balt
Canada
92.28
1.51
36.21 Detroit, Seattle
Greece
48.47
5.05
13.07 Phila
Italy
33.50
0.67
16.07 Hou/Gal, NY City
116.45
4.11
10.64 Chrlstn, NY City
Mexico
88.50
0.61
85.29
3.43
8.88 Buffalo, Detroit
China
93.16
0.37
8.87 San Frn, Los Ang
Japan
135.13
0.95
Sweden
11.34
0.27
6.47 NY City, Detroit
India
51.69
0.54
1.40 Houston
Japan
173.79
0.12
2.88 Hou/Gal, Los Ang
South Africa
Canada
Germany
93.29
0.37
0.96 Norfolk, NY City
UK
112.78
0.07
1.68 Norfolk, Buffalo
Turkey
71.14
0.24
0.62 NY City
Australia
123.83
0.06
Others
116.82
0.09
0.22 19 countries
Others
152.33
0.49
0.68
38.64
0.87
4.17
Total
100.00
Total
ber, signaling it believes the US economy is strengthening. The
rate hike is the first in nearly a decade, after interest rates
were set near zero during the financial crisis in December
2008 to help encourage economic growth. Federal Reserve
board members indicated that interest rates will continue to
rise, with gradual increases in rates in the coming years.
Real gross domestic product (GDP) increased at an annual rate of 2pc in the third quarter, according to the third
estimate from the US Department of Commerce. The latest
estimate projects slightly weaker growth in the third quarter
than the previous estimate of 2.1pc but remains stronger than
the initial estimate of 1.5pc. The economic growth primarily reflects increased consumer spending as well as a rise in
spending on nondurable and durable goods and services such
as health care.
The producer price index (PPI) for final demand increased
0.3pc in November, according to the US Bureau of Labor Statistics. Final demand prices dropped 0.4pc in October and 0.5pc
in September. Prices for final demand services rose 0.5pc in
November and final demand goods dropped 0.1pc. November
energy prices fell 0.6pc, but food prices rose 0.3pc.
11.75 51 countries
100.00
Building permits in November were at a seasonally adjusted
annual rate of 1.289mn, up 11pc from the revised October rate
and up 19.5pc from November 2014. Housing starts in November were at a seasonally adjusted annual rate of 1.173mn, up
10.5pc from October and 16.5pc from the same month a year
earlier. November housing completions were at a seasonally
adjusted rate of 947,000, down 0.3pc from the revised October
rate but up 9.2 from a year earlier.
The Federal Reserve’s 2012 index of manufacturing fell by
0.6pc from October to November. Durable manufacturing fell
to 108.5, down from 108.8 in October and 108.1 in September.
Nondurable manufacturing rose in November to 105.4, up from
104.8 in October and 104.9 in September. Motor vehicle and
parts production fell to 130.8 in November, down 132 in October but up from 130.4 in September.
October new orders for manufactured goods increased
1.5pc to $473.9bn. Shipments fell 0.5pc to $475.2bn. Unfilled
orders rose 0.3pc, and inventories fell 0.1pc.
October wholesale inventories were $585.9bn, down 0.1pc
from the revised September level and up 3.6pc from October
2014. Sales were $448bn, virtually unchanged from the revised
Page 5 of 13
Argus Global Waxes
Micro wax and slack wax imports, Oct
Country
VWA Volume
¢/lb
mn lb
Micro wax and slack wax exports, Oct
Country
VWA Volume
¢/lb
mn lb
Canada
52.88
12.319
Canada
48.43
17.336
Brazil
34.27
4.616
16.67 Laredo
Mexico
78.34
2.315
Qatar
38.63
4.375
15.80 Laredo
Germany
88.96
0.417
UK
76.97
1.757
6.35 Houston, Seattle
India
126.50
0.332
1.47 Norfolk, NY City
114.27
1.232
4.45 Chrlstn, Chicago
China
112.48
0.325
1.44 Los Ang, Norfolk
South Africa
Others
Total
0.77
3.386
45.41
27.685
12.23 23 countries
Others
100.00
Total
September level but down 3.7pc from October 2014.
Petroleum refinery shipments fell by 0.1pc to $39.44bn in
October, down from $39.47 in September and $41.84 in August.
Shipments remain 33.4pc below year-earlier levels. October
petroleum refinery inventories rose to $29.465bn, down 2.1pc
from the previous month.
Paperboard container shipments fell by 0.2pc to $5.219bn
from September to October. Shipments remain 4.4pc below
year ago levels. Shipments of paints, coatings and adhesives
fell by 0.8pc to $3.397bn in October, up from $3.42bn in
September and up 2.3pc above year earlier levels. Plastics and
rubber product shipments fell by 0.3pc to $18.94bn in October,
down from $19.01bn in September and 2.3pc below year earlier
levels.
The October international trade deficit increased 3.4pc
from September to $43.9bn. Exports decreased 1.4pc to
$184.1bn and imports fell 0.6pc to $228bn.
Market commentary
Asia-Pacific
Fully-refined solid paraffin wax with a 58/60C melt point held
stable at $1,120-1,140/t fob China in December. Semi-refined
slabs of 58/60C paraffin wax were also unchanged from November at $1,080-1,130/t fob China. Bulk liquid export prices
for 58/60C paraffin wax from China held firm this month at
$1,030-1,030/t fob. But the CFR southeast Asia bulk liquid
prices from China fell $55/t to $1,050-1,070/t. Feedstock slack
wax prices also decreased in December, dropping $20/t to
$620-700/t fob southeast Asia.
Volatility in the crude oil market in December placed
downwards pressure on Group I base oil prices in Asia-Pacific.
The weaker base oil prices prevented regional producers
from raising paraffin wax prices. Export prices for Chinese
slabs containing less than 0.5pc oil content in December held
relatively stable after falling in November. Domestic and ex-
2.55
1.840
50.58
22.565
10.26 Laredo
1.85 NY City, Chicago
8.15 67 countries
100.00
port paraffin wax prices are expected to drop in the first two
months of 2016 during the lunar new year holidays in China.
Paraffin wax demand in Asia-Pacific will likely rebound in
March, when candle-making for the year begins.
Sinopec’s Yanshan 9,000t/month of fully- and semi-refined
58/60C paraffin slab wax production has not come back from
its undetermined period of maintenance. Sinopec’s paraffin
slab wax 58/60C fully-refined and semi-refined prices were
unchanged in December, as the producer kept prices steady
following its November adjustment. Semi-refined 58/60C
prices were at $1,030-1,040/t fob south China and $1,110-1,130/
t fob east China. Fully-refined 58/60C paraffin slab were seen
between $1,040-1,050/t fob south China and $1,120-1,130/t fob
eastern China as a steady stream of slabs continue to move to
India and South America.
CNPC’s 58/60 paraffin slab wax export prices from Daqing,
Dalian or Fushun held steady. Semi-refined slabs remained between $1,080-1,090/t fob Dalian or Fushun. Export prices for
fully-refined slabs stayed between $1,130-1,140/t fob Dalian or
Fushun. Slab supplies tightened in December, but will become
more readily available early next year. The state-owned refiner
will continue to run at a reduced rate of 80pc, or 50,000/
month, throughout the first quarter of 2016 due to weak
seasonal demand. Domestic prices were down 300 Yuan/t
(US$46/t) from November to 6,900 Yuan/t (US$1,065/t) ex-tank
Daqing, Dalian or Fushun. Despite the decrease in December’s
domestic prices, buyers secured more supplies in December
than they had in previous months because the colder weather
made the wax solid, which is easier to store. Bulk liquid
58/60C fully-refined export prices remained unchanged from
November at $1,010-1,030/t fob Dalian to the US and Europe.
Southeast Asia demand has remained seasonally weak
since September. Most of the candle manufacturers in the
region secured all the wax needed to make the year-end
holiday candles in August. Fully-refined 58/60C paraffin slab
wax prices fell sharply by $55/t to $1,050-1,070/t cfr southeast
Asia this month. Import prices to southeast Asia are likely to
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Current group I base oil and wax plant maintenance
Refiner
Location
Timing
Capacity Capacity affected
10,000 b/d All
Cause
ExxonMobil
Beaumont, US
Q2 2016
Calumet
Shreveport, US
Q1 2016 for 2-3 weeks
KPC
Rotterdam, Netherlands
Q1 2016
50,000 t/yr All
Closure
Shell
Pernis, Netherlands
Dec 2015
370,000 t/yr All
Closure
CPCL
Chennai, India
Dec 2015
24,000 t/yr All
ExxonMobil
Port Jerome, France
Nov 2015 for several weeks
PetroChina
Dalian Petrochemical, China
Nov 2015 for 1 month
400,000 t/yr 200,000
Run-cut
Cepsa
San Roque, Spain
Nov 2015 for 2 weeks
265,000 t/yr All
Maintenance
Pemex
Salamanca, Mexico
late-Oct to Dec
6,000 b/d NA
Maintenance
Total
Gonfreville, France
Oct-Nov 2015
500,000t/yr 250,000 t/yr
Maintenance partial
Sinopec
Yanshan, China
From Oct 2015
250,000 t/yr All
Maintenance
HollyFrontier
Tulsa, Oklahome
Q4 2015
9,500 b/d NA
Maintenance
H&R
Hamburg, Germany
Sep 2015 for 4 weeks
4,850 b/d All
Maintenace
Calumet
Shreveport, US
Sep 2015 for 2-4 weeks
8,000 b/d Partial
Maintenance
JX Nippon
Mizushima A, Japan
Sep-Nov 2015
8,000 b/d Partial
13,000 b/d Partial
180,000 t/yr All
2,400 b/d NA
Closure
Maintenance
Maintenance
Maintenance
Maintenance
American Refining Group Bradford, US
Feb 24 to late Aug 2015
Samir
Mohammedia, Morocco
Early Aug 2015 for about 2 weeks
125,000 t/yr All
Lower run-rates
Refinery shutdown
Sinopec
Jingmen, China
Early Aug 2015 for 1 month
300,000 t/yr All
Maintenance
Maintenance
CNOOC
Huizhou, China
20 Jul 2015 for 40 days
400,000 t/yr All
MOL
Szazhalombatta, Hungary
Early Jul 2015 for 6 weeks
150,000 t/yr All
Maintenance
PetroChina
Dalian Petrochemical, China
End-Jun 2015 for 1 month
400,000 t/yr NA
Maintenance
Socar
Azerneftyag, Baku
12-28 Jun 2015
400,000 t/yr All
Temporary shutdown
Cosmo
Yokkaichi, Japan
Early Jun 2015 for 1 month
350,000 t/yr NA
Maintenance
Rosneft
Angarsk, Russia
15 May-19 Jun 2015
250,000 t/yr NA
Maintenance
JX Nippon
Mizushima B, Japan
Early May-Late Aug 2015
225,000 t/yr All
Maintenance
Sapref
Durban, South Africa
1 May to 1H Jul 2015
170,000 t/yr All
Maintenance
JX Nippon
Wakayama, Japan
Jul-Aug 2015
176,000 t/yr NA
Maintenance
HPCL
Mumbai, India
Apr to end-May 2015
480,000 t/yr All
Maintenance
Idemitsu
Chiba, Japan
Mid-Apr to end-Jun 2015
305,000 t/yr All
Maintenance
Gazpromneft/Rosneft
Yaroslavl, Russia
6 Apr to 6 May 2015
350,000 t/yr All
Maintenance
PetroChina
Daqing
Apr to Aug 2015
450,000 t/yr 200,000 t/yr
Maintenance
Lukoil
Nizhniy Novgorod, Russia
Apr 2015
290,000 t/yr NA
Cease base oil production
Colas
Dunkirk, France
Apr 2015
335,000t/yr All
Cease base oil production
Gazpromneft
Omsk, Russia
Mar - April 2015
240,000t/yr All
Maintenance
Pemex
Salamanca, Mexico
Mid-Mar to early Apr 2015
6,000 b/d All
Maintenance
ENI
Livorno, Italy
2H Mar to mid-Apr 2015
645,000 t/yr About 120,000 t/yr
Maintenance
PetroChina
Karamay, China
Mid-May to Aug 2015
400,000 t/yr All
Maintenance
Lukoil
Nizhniy Novgorod, Russia
From Mar 2015
290,000 t/yr NA
Lower run-rates
remain weak until the second quarter of 2016, when a pick-up
in seasonal demand in the region is likely to support firmer
prices. Container freight rates from south China to southeast
Asia main ports were between $10-20/t.
India’s state-owned Assam refinery in Numaligarh began
running at full capacity this month. It is now producing around
4,000t/month of fully-refined paraffin wax and 3,600t/month
of semi-refined slabs. NRL corrected its quality perimeters
earlier than expected for its 60/62C semi-refined and 60/62C
fully-refined waxes, which contain 0.5pc oil and below. The
refinery was built to become the second producer in the world
of 0.3pc oil content paraffin slab wax. But the new facility produced off-specification semi-refined 58/60C paraffin wax since
it came online in June and had been running at a reduced
utilization rate of 60-70pc. The refiner’s domestic prices in
December were set at 75,000 rupees/t (US$1,130/t) ex-factory
for its fully-refined wax and 65,000 rupees/t (US$980/t) for
its semi-refined wax. A west India distributor of NRL’s paraffin
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wax sold 240t of fully-refined 60/62C this month. The freight
rate by truck from Assam to Diwandi held at $5.7/t in December.
Heavy rain at the beginning of December caused floods
throughout Chennai. The floods forced Chennai Petroleum Corporation Limited (CPCL) to shut down its 2,000t/month 60/62C
type 2, type 2A and type 3 fully- and semi-refined paraffin
wax unit for the entire month. The unit will remain down until
further notice. State-controlled refiner Indian Oil Corporation
(IOC) kept domestic wax prices firm at 83,000-84,000 rupees/t
(US$1,251-1,266/t) ex-Chennai because of the shutdown of
CPCL’s wax unit.
Paraffin wax imports into India decreased this month amid
weak demand and unfavourable weather. A domestic importer
purchased 105t of 52/54C fully-refined paraffin slab wax at
$1,100/t cfr Chennai. This netbacks to $1,060/t fob Fushun,
minus freight rate of $40/t. Another local importer bought
three 20t containers of 58/60C fully-refined paraffin slab wax
through Chinese traders at $1,125/t cfr Nhava Sheva, which
was $5/t below the November values for the same volume.
This netbacks to $1,095/t fob Fushun minus a freight rate of
$30/t.
South Korean domestic demand continued to weaken
ahead of the year-end holidays. The domestic importer did not
purchase any volumes of 58/60C paraffin slab wax in December. South Korea secured supplies for December in November
at $1,167/t cfr Incheon. This netbacks to $1,137/t fob Dalian,
China after subtracting a freight rate $30/t.
Japanese 0.3pc fully-refined 60/62C slab paraffin wax
export prices were unchanged at $1,450-1,550/t cfr southeast
Asia despite weaker export demand. The producer maintained
the mandatory discounts of more than 10pc on large volumes.
This netbacks to $1,430-1,530/t fob Tokuyama after subtracting the freight rate of $20/t to main ports in Singapore and
Indonesia. The refiner exported most of its wax to the US
in December. Though no price reductions materialized this
month, the Japanese wax producer had considered cutting its
export prices by $50-100/t because of the steep drop in crude
oil prices.
Japan’s largest wax producer, Nippon Seiro officially commissioned its new antiozonant wax unit in Sriracha Chonburi,
southern Thailand in August through its subsidiary Nippon Seiro
(Thailand) Co., Ltd. The facility has a 20,000t/year maximum
production capacity to make the OZOACE-0355 and OZOACE-5355 grades. The new unit is still undergoing testing and
is expected to formally start production in 2016. The refiner
plans to primarily serve the domestic tire industry and will
likely export its antiozonant wax in the near future after its
production stabilizes.
Prices fell for Thailand’s bulk liquid feedstock slack wax
containing less than 8pc oil content with a density in a range
of 0.81-0.86kg/L. The slack wax prices dropped $20/t to
$620-700/t fob Thailand on the back of weaker VGO prices.
The state-owned refinery exported between 2,000-2,500t this
month amid firm demand in India and the US.
Singapore’s paraffin wax exports in November rose to 174t,
a significant increase of 443pc from October’s 32t. November
export volume remained largely stable year- to-date, compared to 181t exported in the first eleven months of 2014.
Paraffin wax imports to Singapore rose to 202t, up significantly
from 19t in October and up from 141t in November 2014.
Pure palm wax export prices fell sharply by $80/t at $630680/t fob southeast Asia. Prices for palm wax faced downwards pressure from wetter weather in the region and weaker
southeast Asian currencies against the US dollar. Export prices
will likely remain stable until the second quarter of 2016.
Europe
European slack wax prices firmed amid tightening supplies.
Demand was supported by the imminent closures of two Group
I base oil and wax plants in northwest Europe. Prices of fullyrefined paraffin wax faced upward pressure from rising slack
wax prices.
Some domestic suppliers were looking to raise slack wax
prices amid tighter supplies and higher prices in other markets
such as the US. In northwest Europe, some supplies of slack
wax were available in the range of €850-900/t ($928-980/t)
ex-tank. Some supplies of low-viscosity slack wax were likely
offered at a small discount to these levels.
Fully-refined paraffin wax prices faced upward pressure
from rising slack wax prices. But the rise was tempered by a
slowdown in demand following the end of the candle-production season. Low-melt paraffin wax prices were assessed in the
range of €1,255-1,285/t. Prices of mid-melt paraffin wax were
assessed between €1,210-1,1,240/t.
Several suppliers were seeking to steeply raise their prices
for fully-refined paraffin wax, but buyers resisted any increases. One supplier likely increased offers for 50/52C by €55/t,
and 56/58C by €60/t. But other suppliers were eyeing smaller
price increases in the range of €20-25/t for low-melt paraffin
wax, and €20-30/t for mid-melt paraffin wax.
A recent strengthening of the euro versus the US dollar
supported buying interest for supplies from China. Liquid bulk
supplies of fully-refined paraffin wax with melt point 58/60C
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were available at $1,010-1,030/t fob Dalian , unchanged from
November price levels. There was a vessel inquiry to load
2,000t of paraffin wax at Dalian to take to Barcelona in early
December.
Base oil margins firmed amid lower crude and feedstock
prices providing an incentive to producers to maximise output.
Prices were supported by unusually firm demand for the time
of the year, as some buyers topped up their tanks ahead of the
closure of two base oils units in the Netherlands. Strong buying
in December could curb the seasonal pick-up in demand in the
first quarter, which usually starts in February and March.
Domestic European SN 150 base oils premiums to 30-dayaverage Ice gasoil futures have risen to $232/t, up from $191/t
the same time last year. The SN 500 premium has risen to
$357/t from $221/t the same time last year. The SN 150 premium to four-week-average vacuum gasoil (VGO) prices has
risen to $346/t, its highest level since January.
A northwest European refinery extended its maintenance
by a couple of weeks as a result of a fire. The fire affected
one of the refinery’s two atmospheric distillation units. The
second distillation unit is still online and is producing 110,000
b/d. The turnaround began in mid-November. The extended
turnaround likely tightened white oil supply in the region.
A central European refinery began scheduled maintenance
in the third week of December. The production of paraffin wax
will be disrupted during the two-week maintenance.
Shell Pernis will close train 2 of the base oils unit at its
420,000 b/d Pernis refinery in the Netherlands before the end
of the year. The shutdown of the train is likely to affect lightgrade base oils and slack wax production. Train 1 is scheduled
to stop production sometime in the first half of 2016.
The base oils unit at the 88,000 b/d Kuwait Petroleum
Europoort refinery in the Netherlands is expected to continue
production through the end of January. The refinery has not
yet reached a settlement on the compensation for 100 employees that will lose their job as a result of the planned closure of
the base oils unit.
North America
US fully-refined paraffin and slack wax prices held steady in
December despite a seasonal slowdown in demand and steep
drops in crude and base oil prices.
Balanced-to-firm supplies allowed fully-refined paraffin and
slack wax prices to shrug off volatility in the crude market.
Market participants did not see any year-end discounting
from domestic wax producers this month. Producers likely
cleared any surplus in their storage tanks in November when
spot offers for low- and mid-melt supplies dipped between
2-5¢/lb below October prices.
Domestic demand was seasonally weak in December as the
holiday candle making season concluded. Demand typically
slumps in mid-December and rebounds in the second half of
January.
Some producers reported a weaker-than-expected candle
season this year, noting the cyclical demand for candle making
which slows after every four or five years. But other suppliers
reported healthy candle making demand this season.
Fully-refined slabs from China continue to move to the US
at steep discounts. The solid wax is still moving directly from
China to the US Atlantic, Gulf and west coasts. Prices fell
for the imported solid wax in December. The slabs had held
between the mid-50s¢/lb to low-60s¢/lb in recent months, but
prices slid into the low-to-mid-50s¢/lb this month.
The heavily discounted slabs are displacing Chinese bulk
liquid shipments to the Americas. Slabs remain at a 10-15¢/
lb discount to bulk liquid prices. Chinese 58C bulk liquid prices
remained in the mid-60s¢/lb fob.
Despite the increased discounts for Chinese slab wax in
December the volume of slabs moving to the US have not
risen. Demand for slabs in the US remains limited. Small blenders have benefited the most from the influx of cheap solid
wax. Larger blenders do not have the flexibility to switch their
blending formulations to incorporate these waxes.
The discounted slabs began moving to the US in June.
Chinese producers are likely to continue to export cheap slabs
to the US through the first quarter of 2016. Most domestic suppliers are not too concerned about this trend because the slab
supply availability at current price levels is not guaranteed.
Some suppliers noted that Chinese slabs have moved to
the US at steep discounts for prolonged periods in the past.
The last time an influx of cheap slabs moved to the US was a
decade ago and lasted for about a year.
A steady stream of Chinese slabs continues to move to
Mexico and South America at levels below 50¢/lb. Blenders
in Latin America have more flexibility to transport, store and
blend the solid wax.
The last shipment of slack wax from Shell Pernis to the US
loaded in early December bound for south Texas. The Group I
base oils and wax refinery located in the Netherlands shutdown part of its lube plant this month. It will take the rest of
the unit offline sometime early next year. Slack wax from the
refinery frequently moved to Latin America where it was used
to make religious candles. It is unclear what alternative waxes
will replace these discontinued slack waxes in the region.
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A major North American wax producer was eyeing export
opportunities to move microcrystalline waxes to Europe in the
new year to replace the discontinued supplies from Shell Pernis. But the European producer has likely stored a year’s worth
of microcrystalline waxes to cover its supply commitments
through 2016. The North American wax producer will aim to
begin exporting microcrystalline waxes to the region in 2017.
Maintenance at several refineries in November curbed
domestic output of semi-refined, microcrystalline and slack
waxes.
A major Group I refiner completed a turnaround in November that spanned several weeks and affected base oils and
wax output. The planned maintenance improved the quality
of the producer’s waxes. Another producer performed maintenance on several units that disrupted slack wax and base oil
production. Both refineries came back online in November and
produced waxes at normal rates in December.
A Group I refiner will perform maintenance on its lube unit
in the first quarter of 2016 that will impact heavy neutral and
high melt wax production.
A major Gulf coast producer will discontinue its Group I
base oils and wax production by the second quarter of 2016.
The closure’s impact on the domestic market will likely be limited as the producer has already scaled back its wax output.
US petroleum wax imports
US imports of petroleum wax fell in October, dropping by
14.99mn lbs from September to 66.33mn lbs. Import volumes
decreased for paraffin wax and microcrystalline, slack and
miscellaneous wax.
October paraffin wax imports dropped by 13.03mn lbs from
September to 38.65mn lbs. Imports of microcrystalline, slack
and miscellaneous wax fell by 1.96mn lbs to 27.68mn lbs in
October.
But year-to-date imports of petroleum wax are up 17pc
from 2014, totaling 634.07mn lbs during the first ten months of
2015.
Import prices for petroleum wax averaged 62.56¢/lb in
October, down 0.78¢/lb from September. Year-to-date import
prices averaged 64.32¢/lb, down 6.11¢/lb from the previous
year.
October prices for paraffin wax containing less than 0.75pc
oil rose as import volumes fell. Import prices for paraffin wax
averaged 68.15¢/lb in October, up 4.62¢/lb from September.
Year-to-date import prices averaged 68.4¢/lb, down 7.21¢/lb
from the same period in 2014. The average import price for
microcrystalline, slack and miscellaneous wax fell by 3.96¢/
lb to 54.76¢/lb in October. Year-to-date import prices for the
category totaled 57.9¢/lb, down 4.47¢/lb from the first ten
months of 2014.
China remained the top exporter of paraffin wax to the US,
supplying 61.75pc of total imports in October, or 23.86mn lbs,
at an average price of 58.62¢/lb. Greece and South Africa followed with 5.05mn lbs and 4.11mn lbs, respectively, at average
prices of 48.47¢/lb and 116.45¢/lb.
Canada supplied the largest share of microcrystalline,
slack and miscellaneous wax imports to the US, accounting for
44.5pc of total imports, or 12.32mn lbs, at an average price of
52.88¢/lb. Imports from Brazil and Qatar followed with 4.62mn
lbs and 4.38mn lbs at average prices of 34.27¢/lb and 38.63¢/
lb, respectively.
US petroleum wax exports
US petroleum wax exports fell in October, dropping 2.25mn lbs
to 26.72mn lbs. Year-to-date petroleum wax exports are down
31pc from last year at 307.5mn lbs. Export prices averaged
65.66¢/lb year-to-date, down 0.9¢/lb from the same period in
2014.
Exports of paraffin wax containing less than 0.75pc oil
content fell 790,000 lbs to 4.16mn lbs in October. Paraffin
wax exports totaled 40.15mn lbs so far in 2015, down 7.47mn
lbs from the same period a year earlier. Canada received the
largest share of US paraffin wax exports, taking 36.21pc of the
total, or 1.51mn lbs, at an average price of 92.28¢/lb. Italy
and Mexico followed with 16.07pc and 14.63pc at 33.5¢/lb and
88.5¢/lb, respectively.
Exports of microcrystalline, slack and miscellaneous waxes
dropped by 1.46mn lbs to 22.56mn lbs in October. Year-to-date
exports for the category totaled 267.35mn lbs, down 32pc from
the same period in 2014.
Canada took 76.83pc of US shipments at an average price
of 48.43¢/lb. Mexico followed, receiving 10.26pc of total exports at an average price of 78.34¢/lb.
US non-petroleum wax trade
US non-petroleum wax imports and exports fell in October. Imports fell 16pc to 3.03mn lbs in October, remaining down 13pc
year-to-date at 24.19mn lbs for the first ten months of 2015.
Imports declined across most categories with the exception
of carnauba wax and beeswax. Carnauba wax imports rose by
80,000 lbs to 1.13mn lbs in October amid peak carnauba harvest season in northeast Brazil. The average price of carnauba
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wax fell by 32.12¢/lb to 306.48¢/lb. Brazil supplied 97pc of
total carnauba wax imports to the US. Beeswax imports rose
by 320,000 lbs in October, but the average price fell by 10.92¢/
lb to 395.49¢/lb. Vietnam and Argentina supplied 48pc of all
beeswax imports to the US, combined.
Candelilla wax imports fell by 140,000 lbs to 180,000 lbs in
October. The average price of candelilla wax rose by 65.22¢/
lb to 120.53¢/lb. Nearly all supplies came from Mexico. Imports
of vegetable wax other than triglycerides fell by 70,000 lbs to
160,000 lbs in October, but prices rose by 67.67¢/lb to 193.03¢/
lb. Montan wax imports fell by 770,000 lbs to 380,000 lbs in
October. Prices also fell by 1.69¢/lb to 93.58¢/lb.
Total exports of non-petroleum wax fell by 60,000 lbs to
600,000 lbs in October, remaining down 14pc year-to-date
at 7.96mn lbs. The drop in exports of vegetable wax outpaced the rise in beeswax exports. Exports of vegetable wax
other than triglycerides fell by 80,000 lbs to 280,000 lbs in
October, as prices rose by 21.62¢/lb to 262¢/lb. Canada and
Vietnam received 42pc of all vegetable wax exports from the
US. Beeswax exports rose by 20,000 lbs to 320,000 lbs. The
average price of beeswax rose by 24.34¢/lb to 186.38¢/lb in
October. Canada and Germany were the top two receivers of
US beeswax.
US candle trade
US candle imports and exports rose in October amid a seasonal
pick-up in demand for candles.
Candle imports rose by 720,000 lbs to 29.39mn lbs, but the
year-to-date for the first ten months of 2015 totaled 231.94mn
lbs, 0.6pc below the same period a year earlier. The average
import price was 149.6¢/lb year-to-date. Canada overtook
Vietnam as the top candle supplier to the US.
Candle exports from the US rose by 2.03mn lbs to 11.49mn
lbs in October. The year-to-date export volume totaled
86.65mn lbs, up 13pc from the same period a year earlier. The
average candle export price stood at 343.6¢/lb for the first
ten months of the year, up 38.16¢/lb from the same period in
2014. Canada and the UK remained the top two receivers of
US-made candles.
News and analysis
ExxonMobil's Port Jerome extends maintenance
A fire at ExxonMobil's 233,000 b/d Port Jerome Gravenchon
refinery in northern France on 10 December has prolonged the
refinery’s maintenance period by a few weeks.
The fire affected one of the refinery’s two atmospheric
distillation units. A spokeswoman for Exxonmobil said the
second distillation unit is operational and is producing 110,000
b/d. The company will also import oil products to meet the
shortfall in supply.
The planned turnaround began on 13 November. The refinery includes a 665,000 Group I base oil plant and also produces
wax and white oils.
French trade union CGT last week threatened to strike, but
Exxonmobil said that the walkout did not take place.
German October wax output falls, imports rise
German wax demand fell by 7.7pc to 33,270 in October from a
year earlier, according to the country’s federal office of economics and export control.
Wax production dropped by 24.2pc to 9,330t, while imports
of wax rose by 9.9pc to 44,350t. Export volumes firmed by 6pc
to 21,330t. Deliveries within Europe accounted for 72.6pc.
Year-to-date wax demand fell by 10.3pc to 263,690t
compared to the same production a year earlier. But wax
production also dropped by 7pc to 122,760t year-to-date. Wax
imports totaled 335,270t in the first 10 months of the year.
Slightly more than half, about 52.8pc, was supplied from outside Europe.
Data from the Mineralwirtschaft (MWV) trade association
showed that production of paraffin wax rose by 9.5pc to 7,550
in November. Slack wax production fell by 24.8pc to 2,650t.
Shell Pernis phasing out base oils, wax production
Shell is gradually ceasing base oils production at its 420,000
b/d Pernis refinery in the Netherlands.
"Shutdown of train 2 is planned before the end of the year
while train 1 will stop production in the first half of 2016," said
a Shell spokesman.
The shutdown of train 2 is likely to affect light-grade base
oils and slack wax production. The continuation of the production of heavy-grade base oils into 2016 could offer a temporary
reprieve for buyers. The closure of base oils plants at Pernis
and Kuwait state-owned oil firm KPC's Europoort in Rotterdam
was expected to mostly impact the availability of heavy-grade
base oils.
While the base oil units are set to close, Shell will invest in
a solvent deasphalting unit at the Pernis refinery. The unit is
expected to be completed by the end of 2018.
India's September paraffin wax trade slows
India’s paraffin wax trade slowed in September as both
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imports and exports posted steep decreases, according to
government data.
Imports of paraffin wax containing less than 0.75pc oil content to India fell to 1,491t in September, down by 46pc from
2,763t in August and 3pc below the 1,543t imported in the
same month a year earlier. China, Egypt and Iran were the top
suppliers of paraffin wax to India in September, providing 86pc
of all imports. The remaining 14pc of paraffin wax imports
were made up of smaller volumes from Japan, Germany, South
Africa and Malaysia.
India imported 13,943t from January to September 2015,
down by 3pc from the 14,365t received during the same period
a year earlier.
Indian exports of paraffin wax dropped to 3.6t in September, down by 70pc from the 12t exported in August. The UAE
received 89pc of all Indian paraffin wax exports. Japan, Kuwait
and Saudi Arabia received the rest of the country’s paraffin
wax exports in smaller volumes. India exported 439t of paraffin wax during the first nine months of 2015, down by nearly
half from the 829t exported during the same period in 2014.
Thailand's October paraffin wax trade increased
Thailand’s paraffin wax trade picked up in October as both
imports and exports increased, according to government data.
Imports of paraffin wax containing less than 0.75pc oil
content into Thailand rose to 1,276t in October, up 34pc from
952t in September and up 16pc from the 1,093t imported
in October 2014. China and Malaysia remained the top two
suppliers of paraffin wax to Thailand, providing 96pc of total
imports in October. The remaining 4pc of paraffin wax imports
were made up of smaller volumes from Japan, Taiwan, India,
the US, Spain and Belgium.
Thailand imported 12,147t of paraffin wax during the first
ten months of 2015, dropping slightly below the 12,167t received during the same period a year earlier.
The country’s exports of paraffin wax in October rose
to 20t, up 26pc from 15.4t supplied in September. Thailand
exported 16t of paraffin wax to Vietnam and 4.2t to Jordan in
October.
Thailand exported 252t of paraffin wax from January
through October, up from 160t of exports during the same
period in 2014.
scheduled maintenance, the company said.
Scheduled maintenance on the units started in October and
were originally planned to be finished in mid-November. The
outage was extended as a result of a three-week oil workers
strike in November that cut output at the refinery by as much
as 30,000 b/d, according to the Sindipetro Caxias union.
Petrobras says the maintenance of the lubricant unit should
be completed this month.
The refinery in Rio de Janeiro state produces diesel,
gasoline, jet fuel, asphalt, naphtha, paraffin, lubricants, LPG,
petroleum coke and sulfur.
Petrobras currently has around 2.1mn b/d of domestic
refining capacity. The company says production at Reduc remains normal and supply to the market is guaranteed.
Mexico's September petroleum wax imports fall
Mexico’s petroleum wax imports were mostly weaker in
September as the country imported more paraffin wax but
received fewer microcrystalline and slack waxes.
Imports of paraffin wax with less than 0.75pc oil into
Mexico rose to 33.5mn lb, up from 29.5mn lb in August. Paraffin wax from China accounted for 91pc of all imports at 30.4mn
lb.
Weekly Ethylene Report
Argus DeWitt Ethylene provides global coverage
of contract and spot market prices for ethylene,
polyethylene and major derivatives. The report
also includes a selection of global feedstock prices,
detailed coverage of ethylene production economics,
operational issues affecting the market, and analysis
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Petrobras Reduc refinery undergoing maintenance
Brazil’s state-controlled Petrobras has shutdown lubricant
units at its 242,000 b/d Duque de Caxias refinery (Reduc) for
Page 12 of 13
www.argusmedia.com/petrochemicals
Argus Global Waxes
Egypt supplied 1.1mn lb of paraffin wax to Mexico in September. Japan supplied 765,222lb of paraffin wax.
Imports of microcrystalline wax fell to 596,891lb in September, down from 659,184 lbs in August and 821,125 lbs in
September 2014. Italy accounted for 44pc of total imports to
Mexico at 265,474lb. The US supplied 191,174 lb of microcrystalline wax in September.
Mexico exported 5,115 lb of microcrystalline wax in
September, mostly to Ecuador. Mexico exported 3,968 lbs of
microcrystalline wax to El Salvador in August.
Imports of slack wax containing more than 8pc oil fell
to 452,938lb in September, down from 608,266lb in August.
The US supplied 34pc of total slack wax imports to Mexico at
154,083lb. Qatar supplied 140,121lb of slack wax in September.
Mexico exported 1,063lb of slack wax to the US in September.
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