Canada April chemical prices rise 0.7% from March

02 June 2011 15:02  [Source: ICIS news]

The Canadian flagTORONTO (ICIS)--Canadian chemical prices rose 0.7% in April from March, a government statistics agency said on Thursday.

Year on year, chemical prices in April were up 4.9%, Ottawa-based Statistics Canada said.

Overall, Canada’s industrial product prices rose 0.5% in April from March, led by higher prices for petroleum and precious metals, the agency said.

Year on year, industrial product prices in April were up 5.0%.

Canadian raw material prices rose 6.8% in April from March, largely driven by high crude oil prices.

Year on year, raw material prices in April were up 22.4%.

Toronto-based CIBC bank said in a study this week that high commodity prices have driven up the value of the Canadian dollar, which has made it harder for Canadian manufacturers, including chemical and plastics producers, to compete in export markets.

“We’re blessed by our resource base, but when it comes to commodity price rallies, it’s not clear that 'the more the merrier' holds true for Canada these days,” said CIBC chief economist Avery Shenfeld.

Read Paul Hodges’ Chemicals and the Economy blog

By: Stefan Baumgarten
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