07 October 2008 17:51 [Source: ICIS news]
HOUSTON (ICIS news)--The ICIS Petrochemical Index (IPEX) for October nosedived by 10.4% to 331.83 from the September reading of 370.45, for the deepest month-on-month decline in the nearly 16-year history of the index.
Globally, all 12 products in the IPEX portfolio declined, led by a 20% drop in polypropylene.
The relatively strongest product was butadiene, which fell by only by 2.6% globally. Declines of 8.9% in Asia and 7.8% in Europe were mitigated by a gain of 11% in the US.
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 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.
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