01 March 2011 16:07 [Source: ICIS news]
LONDON (ICIS)--The ICIS Petrochemical Index (IPEX) for March has climbed further to 336.84, the highest since September 2008.
The IPEX figure saw an improvement of 5.4 % from its revised* February figure of 319.48 on firmer global chemical prices.
Firmer prices resulted from higher crude values and strong demand as well as reduced outputs, mainly in Europe and the ?xml:namespace>
A panic-buying attitude, triggered by the escalating political turmoil in North Africa and the
This month, the European component of the index plays the leading role in the IPEX improvement, increasing by 7.0% from last month’s figure. A 1.8% weakening of the dollar exchange rate against the euro combined with higher prices have promoted the strengthening of the European component. The benzene contract saw the greatest price hike, climbing to €1,001/tonne ($1,390/tonne).
The Asian component of the index grew by 5.7%. PX prices, which climbed by $240/tonne on tight supply, had the greatest impact. Polyethylene (PE) was the only product to record a decline, by an average of $14/tonne, holding back growth of the Asian component.
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
The February IPEX has been revised from 318.74 to 319.48, following incorporation of the
($1 = €0.72)
*As of July 2010, the index has been revised retrospectively to replace latest available contract prices at the time of publication that had previously been used in the data series with actual settled contract prices. This has had the effect of moving the derived IPEX index from an estimated status to an actual status.
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