05 August 2009 18:26 [Source: ICIS news]
Correction: In the ICIS story headlined In the ICIS news story headlined “August ICIS IPEX petrochemical price index up more than 3%” dated 5 August 2009, please read the headline as “… more than 3% …” instead of “… nearly 4% …”
Please read in the first paragraph ... 232.74 in August, up 3.2% … instead of … 234.17 in August, up 3.8% …. Please read in the second paragraph ...7.29 points ... instead of ... 8.72 points ..., and ...39%... instead of ...38%.... A corrected version follows.
HOUSTON (ICIS news)--The ICIS Petrochemical Index (IPEX) rose to 232.74 in August, up 3.2% as prices for every chemical in the index inched up across the globe.
The index rose 7.29 points from 225.45 in July as chemical values rose for the sixth straight month, albeit at a much slower rate than July’s record 15% increase over June.
Most of the increase came from butadiene (BD) values, which rose 34% in Asia and was the only chemical to rise by more than 10% in its global price. BD supply has tightened as crude C4 has become scarce, sources said.
The global BD price is set to increase by even more, as US producers are expected to implement a 15 cents/lb ($331/tonne, €228/tonne) increase on contracts later this month after a similar hike in July.
Other chemical prices were spurred by moderate increases in demand and crude oil values that have hovered in the high $60s/bbl.
Benzene prices continued the growth they have experienced since December, but at a slower global rate. Benzene prices rose in August by 25% in the US, but only by 3% and 2% in Europe and Asia, respectively.
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, styrene, methanol, butadiene, PVC, polyethylene (PE), polypropylene (PP) and polystyrene (PS).
($1 = € 0.69)
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