21 March 2017

2017- n° 73
In February 2017, the prices of industrial raw materials gathered pace Prices of oil and raw material imports - February 2017

In February 2017, the price of crude oil in euros increased modestly again (+0.9% after +0.7%). It reached an average of €52.1 per barrel, hitting its higher level since July 2015. The prices in euros of all other imported commodities accelerated (+3.1% after +1.3% in January), due to industrial raw materials (+4.8% after +1.4%). The prices of raw food materials were unchanged (after +1.1% in January).

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N^o 73

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Oil price increased modestly
Industrial commodity prices accelerated sharply
Food commodity prices were unchanged

Oil price increased modestly

In February, the price of North Sea crude oil (Brent) in euros increased modeslty (+0.9% after +0.7% in January). In dollars, the increase was similar (+1.5% after +16.4%) because the euro was practically stable during the month.

graphiqueGraph1 – Oil (Brent)

tableauTable1 – Oil and petroleum products

in euros

Oil and petroleum products (in euros) -
	Prices	Change (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Brent in $ per barrel	55.5	1.1	19.5	67.1
Brent in € per barrel	52.1	0.9	21.0	74.1
Gasoline €/L	0.385	–4.8	7.3	70.5
Gas Oil	464.1	1.3	17.1	68.5
Heavy fuel	317.0	1.0	19.9	105.6
Naphtha	469.9	0.7	21.7	79.4

Prices are in euros per tonne unless otherwise specified
Source : INSEE

Industrial commodity prices accelerated sharply

The prices in euros of industrial raw materials accelerated sharply in February (+4.8% after +1.4% in the previous month). The prices of agro-industrial raw materials increased strongly (+7.3% after +0.2%). The price of sawn softwood skyrocketed (+20.9% after −4.0%). The price of wood pulp bounced back (+0.6% after −0.8%), as well as hide one (+0.4% after −1.2%), and tropical wood one (+1.1% after −2.1%). The prices of natural fibers remained dynamics (+3.5% after +3.0%). However, the price of rubber slowed markedly (+2.2% after +13.2%). Minerals prices increased more than in January (+4.2% after +1.7%), since the price of iron speeded up sharply (+9.7% after +0.9%), along with non-ferrous metals ones (+2.6% after +1.7%) notably the nickel price (+6.2% after −9.8%) buoyed by the closure of several mines in Philippines. The prices of precious metals increased sharply again (+3.9% after +4.3%).

Food commodity prices were unchanged

In euros, the prices of raw food materials stabilised after a three-month increase. The price rise in oil seeds and vegetable oils eased (+0.4% after +1.5%) as that of cereals (+0.1% after +1.4%). The prices of tropical foodstuffs slipped back (−4.3% after +0.9 %), driven by the fall in cocoa price, declining since June 2016 (−7.8% after −4.4%). The price of sugar also fell back (−0.8% after +8.2%). However, the price of beef meat bounced back (+6.4% after −2.9%).

tableauTable2 – Imported raw materials (excluding energy) in euros

base 100 in 2000

Imported raw materials (excluding energy) in euros (base 100 in 2000) -
	Index	Changes (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Food total	217.2	0.0	2.9	9.1
Tropical foodstuffs	188.3	–4.3	–9.3	–3.5
Oil seeds, vegetable oils	250.2	0.4	5.9	19.3
Cereals	154.9	0.1	5.5	3.9
Sugar	214.6	–0.8	–1.0	59.6
Beef meat	160.1	6.4	18.0	–1.4
Industrial raw materials	191.3	4.8	10.0	35.1
Agro-industrial raw materials	135.5	7.3	13.1	30.4
Natural fibers	153.7	3.5	9.9	32.5
Natural rubber	220.3	2.2	31.5	96.2
Hides	81.5	0.4	–1.0	11.2
Wood pulp	103.9	0.6	2.1	7.2
Tropical wood	97.8	1.1	1.7	–9.1
Sawn softwood	126.9	20.9	23.9	55.2
Minerals	221.0	4.2	9.3	36.8
Iron ore	620.1	9.7	25.0	101.1
Non-ferrous metals	171.3	2.6	5.4	26.0
Precious metals	259.1	3.9	4.0	16.4
All commodities	195.5	3.1	7.4	24.4