发布时间： 来源：人大经济论坛

【出版时间及名称】：2010年4月中东化学行业数据库
【作者】：汇丰银行
【文件格式】：pdf
【页数】：37
【目录或简介】：
Summary
The HSBC Middle East Chemicals “Basic basics” periodical tracks
monthly changes to the three key drivers within the basic chemical
industry – volumes, pricing and margins – for a basket of commodity
chemical products. We also examine product operating rates, import data
and shutdown information to gain an insight into near-term pricing trends.
 Pricing: Although basic chemical prices remained broadly flat
m-o-m in March, they closed up 12% quarter-on-quarter
 Feedstocks: Feedstock momentum also slowed in March, with
feedstock prices up 1% for the month and up 4% for the quarter
 Margins: Q1 2010 was a margin expansion story across the chemical
universe as pricing gains on stronger volume outpaced feedstock
increases. The biggest increase in margins was within the ethane and
mix feed-based integrated ethylene crackers with margins reaching
their highest levels in 18 months
 Volumes: Volumes picked up again in March as buying activity
resumed post the Chinese New Year break. Concerns over rising
inventory levels abated to a certain extent as March also witnessed a
sharp rise in Chinese finished goods exports. Concerns over possible
tightening monetary policy across Asian markets remain and with
more new supply scheduled for the second half of the year we could
see a drop-off in buying activity in the next quarter
Middle East Chemicals - HSBC vs. consensus 3
Overview 4
Valuation comps 5
Product prices 6
Feedstock costs 10
Integrated margins – Middle East (Ethane feed) 14
Integrated margins – Middle East (Gas feed) 16
Integrated margins – Middle East
(Mixed feed – 40% ethane, 60% others) 17
Integrated margins – Global (Marginal producer) 19
Operating rates and imports 22
Capacity shutdowns 25
Disclosure appendix 34
Disclaimer 36