03 July 2012 15:48 [Source: ICIS news]
LONDON (ICIS)--The ICIS Petrochemical Index (IPEX) for July is 302.29 – the lowest value since the start of the year and its third consecutive drop. The IPEX has fallen by 9.5% against its revised* June figure of 334.18 as chemical prices decline in all regions.
The European component of the IPEX sank the most of all three regions, dropping by 10.2% in dollar terms after a 2.1% strengthening of the dollar against the euro was accounted for. The ?xml:namespace>
Out of the chemical sub-indices, the olefins group was the biggest casualty, dropping by 13.1%.
US propylene prices slumped by almost 23%, hitting a 30-month low, following spot prices after they tumbled towards the end of May. The slide in propylene prices originates from weaker demand and lower upstream crude oil and gasoline prices.
One of only two price rises out of all the chemicals was for benzene in
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 ICIS prices for a basket of 12 essential petrochemical products in the
*The June IPEX has been revised from 335.37 to 334.18, following settlement of the May US ethylene, styrene and PVC and Asian styrene contract prices. This month’s index is also subject to revision once the June US ethylene, styrene and PVC and Asian styrene contract prices settle.
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