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.
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.
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