05 January 2010 16:31 [Source: ICIS news]
HOUSTON (ICIS news)--The ICIS Petrochemical Index (IPEX) climbed 3.6% in January to reach 255.62, capping off a 12-month increase of 45.3%. The index increased by 8.82 in January from 246.80 in December as consumers in the US and Asia eventually shook off the effects of the worst recession in recent memory and increased their demand for chemicals.
The index increased by 8.82 in January from 246.80 in December as consumers in the US and Asia eventually shook off the effects of the worst recession in recent memory and increased their demand for chemicals.Higher chemical prices came as the Institute of Supply Management, a US economic analysis group, said manufacturing activity in the US, the EU and China rose in December, spurring demand for petrochemicals.
The largest chemical price hikes for the month were for butadiene (BD) and propylene in Asia, which jumped 13.3% and 12.4%, respectively, from their December values.
Ethylene and propylene prices in Europe both dropped by nearly 4% from their levels the month before, however, as a stronger dollar took hold.
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).
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