Corrected: ICIS IPEX petrochemical index up 0.5% in April

02 April 2008 18:16  [Source: ICIS news]

IPEX continues ascentCorrection: In the ICIS news story headlined "ICIS IPEX petrochemical index up 0.2% in April" dated 2 April 2008, please read the headline as "... index up 0.5%" instead of "... index up 0.2%"
Also, please read in the first paragraph ... 308.41, an increase of 0.5% ... instead of 307.69, an increase of 0.2% .... A corrected story follows.

HOUSTON (ICIS news)--The ICIS Petrochemical Index (IPEX) for April rose to 308.41, an increase of 0.5% from the March reading of 306.97.

Although the index has climbed each of the past six months, the rate of increase has diminished. The IPEX rose by 3.4% in February over January, but only by 0.7% in March from February.

The IPEX is now 20.8% higher than at the April 2007 low point pf 254.75. The IPEX began a relatively steady ascent from June onward.

Nine of the 12 products in the IPEX portfolio increased in the latest month.

Styrene led gainers with a 5.3% rise in pricing globally. Europe led the styrene advance with an 8.6% increase.

Other significant global risers included toluene, up 3.5%, and propylene, up 3.1%, amid sustained high values for crude oil.

Among decliners, methanol posted a steep drop of 23% globally, led by a 37% slump in Europe, where slack demand had led to some capacity rationalisation.

Published at the beginning of each month, the IPEX provides an independent indicator of average change in world petrochemical prices.

Dating back to January 1993, historical ICIS prices for a basket of 12 essential petrochemical grades in the US, Western Europe, and the northeast Asian markets have been weighted by regional nameplate capacity to generate a monthly index value.

The IPEX product basket comprises ethylene, propylene, benzene, toluene, paraxylene (PX), styrene, methanol, butadiene, polyvinyl chloride (PVC), polyethylene (PE), polypropylene (PP), and polystyrene (PS).

For more on these chemicals visit ICIS Chemical Intelligence

By: Larry Terry
1 713 525 2653

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ICIS Global Petrochemical Index (IPEX)
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