Petrochemicals: IPEX keeps steady in May

07 May 2012 00:00  [Source: ICB]

The ICIS petrochemical index (IPEX) has remained relatively flat at 359.91, near its revised* April figure of 360.01.

Further improvements were seen in the US and European indices, with growths of 0.8% and 1.4% in dollar terms respectively despite the dollar strengthening by 0.5% against the euro over the same period.

These gains have offset a 1.0% downturn in the Asian component.

US butadiene (BD) improved the most, by almost 6%, because of limited supply as a result of a heavy cracker turnaround schedule.

In contrast, Asian BD prices slumped by just over 7% stemming from weak demand as several synthetic rubber plants have either shut for maintenance or are running at reduced rates.

Polystyrene (PS) and paraxylene (PX) are the only IPEX chemicals to experience lower prices in all three regions indollar terms.

PX prices, usually driven by Asia, fell almost 4%, with Europe following suit, and the US falling by 4.3%.

*The April IPEX has been revised from 359.21 to 360.01, following incorporation of the US March ethylene, styrene and PVC and Asian styrene contract prices. This month's index is also subject to revision once the US April ethylene and styrene and Asian styrene contracts settle.

Author: Afsar Hussain

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