03 November 2009 16:09 [Source: ICIS news]
HOUSTON (ICIS news)--The ICIS Petrochemical Index (IPEX) fell to 239.50 in November, down 5.15 points from the month before, as dramatic price drops in the US led to the index’s second consecutive decrease in 2009.
US propylene contracts slid for the first time all year in October, shedding 10 cents/lb amid ample supply. The PX price drop was driven by lower demand in Asia and a fall in US gasoline prices.
The only chemical to see significant gains in all regions was benzene, which rose by 9.6% in the US and had similar gains in Europe and Asia.
Prices have now fallen two consecutive months. That was the first time since chemical prices started a steady rise in March 2009.
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 (BD), polyvinyl chloride (PVC), polyethylene (PE), polypropylene (PP) and polystyrene (PS).
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