Petrochemicals: March IPEX continues upward trend

12 March 2012 00:00  [Source: ICB]

The ICIS Petrochemical Index (IPEX) has soared to 348.75, its highest level since October 2011 and a strengthening of 8.7% from the revised* February figure of 320.67.

Most chemical products saw price increases in dollar terms, mainly in Europe and Asia. Europe led the growth, firming by 12.5% in dollar terms, helped by a 2.9% weakening of the dollar against the euro.

The European sub-index was boosted primarily by butadiene (BD) prices, which surged by 17.2% in dollar terms. BD production in Europe was restricted by low crude C4 availability after cracker hiccups.

Most chemical prices in the US rose, with only ethylene and methanol prices holding back the 8.1% growth in the US index.

US propylene prices recorded the highest increase, rising by some 30%, followed by polypropylene (PP), which rose by 18%.

The Asian index component climbed 7.5% to its highest level since September 2011. Again, BD led the increases, up by 22%, because of high demand in Asia.

• The February IPEX has been revised from 320.12 to 320.67 after incorporating the US January styrene contract. This month's index is also subject to revision once the US February styrene contract settles.

Author: Alexandra Sukanegara

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