04 September 2012 15:09 [Source: ICIS news]
By Afsar Hussain
LONDON (ICIS)--The September ICIS Petrochemical Index (IPEX) has rebounded from the year-low in August to 307.77, a 2.6% increase from the revised* August figure of 300.10.
The main driver for the upwards movement stems from the European component of the IPEX and the olefins sub-index. ?xml:namespace>
European olefins saw the most dramatic increases of 14%. There were higher settlements for olefins contracts around
Producers targeted significant increases for the August contract price to try to claw back margins which were lost to significant decreased contract settlements from May to July.
This forced the ethylene contract price to increase by €140/tonne ($177/tonne) which, in turn, led to downstream polyethylene (PE) producers hiking their prices by around €145/tonne – consequently the largest price hike of all the chemicals in the IPEX basket (up by 12.8% in dollar terms) – to ensure adequate margins were achieved along the product value chain.
The biggest price drop was achieved by butadiene (BD) in
However, a tightening of BD supply towards the latter part of the month resulted in a recovery of prices, as supplies from
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 IPEX product basket comprises ethylene, propylene, benzene, toluene, paraxylene (PX), styrene, methanol, BD, polyvinyl chloride (PVC), PE, polypropylene (PP) and polystyrene (PS).
*The August IPEX has been revised from 299.82 to 300.10, following settlement of the July US styrene contract price. This month’s index is also subject to revision once the August US ethylene, styrene and PVC and
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