06 May 2014 17:38 [Source: ICIS news]
LONDON (ICIS)--Raw material prices in Germany rose 0.8% in April from March, as measured in US dollars, an economics institute said on Tuesday, citing a survey. Measured in euros, prices were up 0.9%.
The increase was partly due to higher oil prices, which rose 0.5% in US dollars and 0.6% in euros, Hamburgissches WeltWirtschaftsInstitut (HWWI) said.
While oil prices fell in early April after Libya began reopening export habours occupied by opposition forces, they rose towards mid-April because of a worsening in the situation in Ukraine, the institute said.
However, despite April’s increase, current oil price-levels showed that up till now energy markets did not seem to expect any significant curtailments in supplies because of the Ukraine crisis, said HWWI research economist Michael Brauninger.
Another factor driving the sequential increase in overall raw materials prices in April from March were higher nickel and aluminum prices.
Sanctions against Russia in the wake of the Ukraine crisis could lead to supply shortages for nickel, HWWI said. Russia is the world’s largest producer of refined nickel. In addition, Indonesian export curtailments on ores were weighing on the market, HWWI said.
Compared with April 2013, HWWI’s raw material prices index was up 4.6% year over year in US dollar terms. However, measured in euros, the index was down 1.5% year over year.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections