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Global Chemicals Quick Review
The German economy is slowing down to the European chemical industry
According to the European Chemical Industry Council (Cefic), after a 1% decline in 2019, European chemical production growth will remain stagnant
in 2020.
Cefic chief economist Moncef Hadhri said European manufacturing has been heavily affected
by slowing global economic growth and weak manufacturing growth.
One concern is that Germany's economic growth is declining
, the driving force of European manufacturing.
This could have a knock-on effect
across the continent.
According to the German Chemical Industry Association (VCI), German chemical production in 2019 fell sharply by 7.
5%
compared to 2018.
Hans Van Bylen, President of VCI, said: "Our member companies do not expect business to improve
in the coming months.
”
Methanol prices in Europe hit a four-month high
Under the dual pressure of global oversupply and weakening local consumption, methanol prices in Europe fell below 200 euros per tonne before Christmas, casting a shadow
over the outlook for 2020.
But the combination of unplanned shutdowns of overseas methanol plants and political tensions appears to be dampening that impact
.
Spot methanol prices in Europe have risen to a four-month high, driven by a combination of higher methanol prices in the US and Asia, as well as US-Iran tensions, marking an upturn
in methanol prices in Europe.
In the week to January 10, methanol prices rose in three major regions of Europe, the United States and Asia, including the price of
methanol imported from China.
The sharp drop in natural gas prices is positive for the U.
S.
chemical industry
According to data released by the US Energy Information Administration (EIA), the average price of Henry Hub natural gas in the US benchmark in 2019 was $2.
57/MMBtu, down 61 cents/MMBtu from 2018, a drop of up to 19%, the lowest level
since 2016.
The decline in U.
S.
natural gas prices is good for the U.
S.
economy, especially for the U.
S.
chemical industry
.
The American Chemistry Council (ACC) estimates that the fall in U.
S.
natural gas prices in 2019 saved the U.
S.
chemical industry about $1.
5 billion
.
ACC estimates that the U.
S.
chemical industry consumed 2.
4 quadrillion of natural gas fuels and feedstocks in 2018 at a total cost of $7.
75 billion, with an average price of $3.
18/MMBtu
.
Assuming that the U.
S.
chemical industry consumed the same amount of natural gas in 2019 and the cost of natural gas delivery remained the same, the cost of natural gas consumed by the U.
S.
chemical industry in 2019 was $6.
27 billion, about $1.
5 billion
less than in 2018.
India will improve lubricant quality to meet the strictest vehicle emission standards
India is scheduled to leapfrog its existing BS IV vehicle emissions standard to BS VI in April 2020 to accelerate the mitigation of local air pollution and global warming
.
BS VI is the equivalent of the European Union's Euro 6 standard, which requires changes to the engine design
of vehicles sold in India.
Indian engine oil suppliers are preparing for this emission standard, and the engine oil market will take a crucial step
in the coming months.
An ExxonMobil spokesperson said that until now, the Indian automotive engine oil industry has focused mainly on fuel economy or extended drain intervals through the use of lubricant technology, but after the implementation of BS VI emission standards, lubricant formulations will undergo significant changes in response to new engine designs
brought about by the new emission standards.
