18 April 2018

2018- n° 100
In March, oil price increased moderatly; industrial raw materials prices clearly contracted Prices of oil and raw material imports - March 2018

In March 2018, the price of crude oil in euros increased moderately (+1.4% after −6.6% in Februray). The prices in euros of all other imported commodities fell back (−1.4% after +0.3%). The prices of industrial raw materials decreased remarkably (−4.5% after −0.4%) while the prices of raw food materials increased (+2.1% after +1.0%).

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Oil price increased moderatly
Industrial commodity prices decreased remarkably
Food commodity prices increased

Oil price increased moderatly

In March 2018, the price of North Sea crude oil (Brent) in euros increased slightly (+1.4% after −6.6% in February) to an average of €54 per barrel. In dollars, the decrease was less marked in March (+1.3% after −5.4%).

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	66.2	1.3	2.8	25.9
Brent in € per barrel	53.6	1.4	–1.4	9.0
Gasoline cts €/L	38.9	0.0	–0.9	5.5
Gas Oil	475.8	1.5	–1.2	9.4
Heavy fuel	306.2	–4.6	–4.2	3.6
Naphtha	457.7	2.1	–5.3	5.8

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

Industrial commodity prices decreased remarkably

In March 2018, the prices in euros of industrial raw materials strongly decreased (−4.5% after −0.4%). The prices of minerals decreased clearly (−5.8% after −0.8%), largely due to prices retreat in non-ferrous metals (−4.4% after −1.3%) and ferrous metals (−8.6% after +0.1%), in a context of import taxes introduction by the United States on aluminium and steel. However, the prices of precious metals decreased less than in February (−0.9% after −2.4%) The prices of agro-industrial raw materials increased again (+1.3% after +1.5%). The prices of natural fibres bounced back (+3.2% after −0.7%)%), while wood pulp price kept rising (+2.6% after +2.3%). The price of tropical wood remained virtually stable again (0.0% after +0.1%). The price of hide decreased less clearly than in February (−0.5% after −1.1%), such as natural rubber price (−1.2% after −4.3%). The price of sawn softwood eased (+0.5% after +4.5%).

Food commodity prices increased

In euros, the prices of raw food materials accelerated (+2.1% after +1.0%). The rise in tropical foodstuffs prices was exacerbated (+3.2% after +0.6%). The prices of seafood products bounced back (+5.8% after −3.1%), as those of cereals (+2.7% after −0.6%). The prices of meat increased less strongly than in February (+0.5% after +5.7%). Those of oil seeds and vegetable oils fell back (−0.6% after +2.5%). The price of sugar kept decreasing (−5.2% after −4.4%).

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	114.4	2.1	1.0	–17.1
Tropical foodstuffs	94.1	3.2	2.8	–18.6
Oil seeds, vegetable oils	109.3	–0.6	–0.6	–10.2
Cereals	94.6	2.7	5.4	–3.4
Sugar	62.1	–5.2	–14.7	–37.4
Meat	139.5	0.5	1.9	–11.2
Seafood products	111.8	5.8	1.3	–25.7
Industrial raw materials	86.2	–4.5	–2.7	–11.7
Agricultural raw materials	119.5	1.3	3.3	3.0
Natural Fibres	102.7	3.2	5.2	–1.0
Natural rubber	46.4	–1.2	–4.3	–36.7
Hide	79.5	–0.5	–1.4	–25.9
Wood pulp	125.7	2.6	5.3	14.3
Tropical wood	96.3	0.0	0.0	–1.9
Sawn softwood	221.2	0.5	9.2	26.4
Minerals	80.0	–5.8	–4.0	–14.6
Ferrous metals	53.8	–8.6	–5.9	–29.7
Non-ferrous metals	102.4	–4.4	–2.3	–1.4
Precious metals	103.4	–0.9	–1.1	–10.3
All commodities	98.8	–1.4	–0.9	–14.4