ICIS Petrochemical Index (IPEX) Methodology

 

I. METHODOLOGY


The ICIS Petrochemical Index (IPEX) provides a capacity-weighted measure of average change in petrochemical prices over time.

Starting in January 1993, ICIS pricing historical prices for the US, western European and northeast Asian markets for 12 product components (see below) have been weighted by each region’s nameplate capacity to establish a monthly pricing index.

As of July 2010, the index has been revised retrospectively to replace latest available contract prices at the time of publication that had previously been used in the data series with actual settled contract prices. This has had the effect of moving the derived IPEX from an estimated status to an actual status. Going forward from July 2010, the index will be revised the month following publication to reflect any contract prices outstanding at the time of initial publication and subsequently settled.

In deriving each month’s index

-         contract prices are those applicable to the previous calendar month

-         domestic and spot prices are an average of ICIS pricing’s weekly published prices for the previous calendar month (four or five weeks accordingly)

This continues the principle of utilising most recent data averages to drive the IPEX. Where ICIS price quotations are not available for individual weeks because of public holidays, then previous week data is carried forward. This form of data interpolation is inferring some limited data points that may not be market derived, and customers should be aware of this assumption.

Revised historical global index data is available on request.  Click here to request more information.

Click here to request more information on the Asian IPEX

Click here to request more information on the European IPEX

Click here to request more information on the US IPEX

 

For any further queries, please contact datateam@icis.com


II. PRODUCT COMPONENTS

Prices and regional plant capacities for the following 12 petrochemical grades are included in the index calculation.

1. ETHYLENE

 


US:

(i) ETHYLENE in US Gulf CONTRACT DELIVERED. From Jan 1993 to Feb 1997. Quoted in cents/lb. Converted to $/tonne.

(ii) ETHYLENE NET US Gulf CONTRACT CONTRACT DELIVERED. From Mar 1997 to present. Quoted in cents/lb. Converted to $/tonne.

Western Europe:

(i) ETHYLENE (QUARTERLY) In Europe CONTRACT FD NWE. From Jan 1993 to Dec 1999. Quoted in DM/tonne. Converted to $/tonne.

(ii) ETHYLENE (QUARTERLY) In Europe CONTRACT FD NWE. From  Jan 2000 to Dec 2008. Quoted in €/tonne. Converted to $/tonne.

(ii) ETHYLENE (MONTHLY) in Europe CONTRACT FD NWE. From Jan 2009 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

ETHYLENE In Asia Pacific SPOT CFR NE ASIA. From Jan 1993 to present. Quoted in $/tonne.

2. PROPYLENE

US:

PROPYLENE In US Gulf CONTRACT P GRADE. Quoted in cents/lb. Converted to $/tonne.

Western Europe:

(i) PROPYLENE In Europe CONTRACT FD NWE. From Jan 1993 and Dec 1999. Quoted in DM/tonne. Converted to $/tonne.

(ii) PROPYLENE In Europe CONTRACT FD NWE. From Jan 2000 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

PROPYLENE In Asia Pacific SPOT CFR N.E.ASIA. From Jan 1993 to present. Quoted in $/tonne.

3. BENZENE

US:
BENZENE In US Gulf CONTRACT FOB. From Jan 1993 to present. Quoted in $/gal. Converted to $/tonne (299 US gal per tonne).

Western Europe:

(i) BENZENE In Europe CONTRACT FOB NWE. From Jan 1993 to Dec 1998. Quoted in DM/tonne. Converted to $/tonne.

(ii) BENZENE In Europe CONTRACT FOB NWE. From Jan 1999 to Dec 2003. Quoted in €/tonne. Converted to $/tonne.

(iii) BENZENE In Europe CONTRACT FOB NWE MONTHLY. From Jan 2004 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

BENZENE In Asia Pacific SPOT CFR N.E.ASIA(*). From Jan 1993 to present. Quoted in $/tonne.

4. TOLUENE


US:
TOLUENE (N GRADE) In US Gulf SPOT FOB BARGES (+).
From Jan 1993 to present. Quoted in $/gal. Converted to $/tonne (303.7 US gal per tonne).


Western Europe
:
(i) 
TOLUENE In Europe CONTRACT FOB NWE. From Jan 1993 and Sep 1999. Quoted in DM/tonne. Converted to $/tonne.

(ii) TOLUENE In Europe CONTRACT FOB NWE. From Oct 1999 to Apr 2004. Quoted in €/tonne. Converted to $/tonne.

(iii) TOLUENE In Europe CONTRACT FOB NWE. From May 2004 to present. Quoted in $/tonne.

Asia:
TOLUENE In Asia Pacific SPOT CFR N.E.ASIA(*).
From Jan 1993 to present. Quoted in $/tonne.


5. PARAXYLENE


US:

PARA-XYLENES In US Gulf CONTRACT DELIVERED.
From Jan 1993 to present. Quoted in cents/lb. Converted to $/tonne.


Western Europe
:
(i) PARA/ORTHO-XYLENES : PARA-XYLENES In Europe CONTRACT FD NWE.
From Jan 1993 to Mar 1999. Quoted in DM/tonne. Converted to $/tonne.

(ii) PARA/ORTHO-XYLENES : PARA-XYLENES In Europe CONTRACT FD NWE. From Apr 1999 to Mar 2003. Quoted in €/tonne. Converted to $/tonne.  

(iii) PARA/ORTHO-XYLENES : PARA-XYLENES In Europe CONTRACT FD NWE (MONTHLY). From Apr 2003 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

(i) PARA/ORTHO-XYLENES : PARA-XYLENES In Asia Pacific SPOT CFR KOREA. From 4 Jun 1993 to 12 Apr 1996. Quoted in $/tonne.

(ii) PARA/ORTHO-XYLENES : PARA-XYLENES In Asia Pacific SPOT CFR N.E.ASIA. From 19 Apr 1996 to Feb 2004. Quoted in $/tonne.

(iii) PARA/ORTHO-XYLENES : PARA-XYLENES In Asia Pacific CONTRACT CFR ASIA (MONTHLY). From Mar 2004 to present. Quoted in $/tonne.

6. STYRENE

US:

STYRENE In US Gulf CONTRACT FOB. From Jan 1993 to present. Quoted in cents/lb. Converted to $/tonne.

Western Europe:

(i) STYRENE In Europe CONTRACT FD NWE. From Jan 1993 to Dec 1998. Quoted in DM/tonne. Converted to $/tonne.

(ii) STYRENE In Europe CONTRACT FD NWE. From Jan 1999 to Mar 2004. Quoted in €/tonne. Converted to $/tonne.

(iii) STYRENE In Europe CONTRACT FD BARGE NWE. From Apr 2004 to Jun 2011. Quoted in €/tonne. Converted to $/tonne.

(iii) STYRENE In Europe CONTRACT AVERAGE FD BARGE NWE. From Jul 2011 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

 

STYRENE In Asia Pacific CONTRACT CFR N.E.ASIA. From Jan 1993 to present. Quoted in $/tonne.

7. BUTADIENE

US:

BUTADIENE In US Gulf CONTRACT FOB USG. From Jan 1993 to present. Quoted in cents/lb. Converted to $/tonne.

Western Europe:

(i) BUTADIENE In Europe CONTRACT FD NWE. From Jan 1993 to Dec 1998. Quoted in DM/tonne. Converted to $/tonne.

(ii) BUTADIENE In Europe CONTRACT FD NWE. From  Jan 1999 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

BUTADIENE In Asia Pacific SPOT CFR N.E.ASIA. From  Jan 1993 to present. Quoted in $/tonne.

8. METHANOL

US:

METHANOL In US Gulf CONTRACT BARGE. From Apr 1993 to present. Quoted in cents/gal. Converted to $/tonne (334 US gal per tonne).

Western Europe:

(i) METHANOL In Europe CONTRACT FOB RDAM. From Jan 1993 to Jun 1999. Quoted in DM/tonne. Converted to $/tonne.

(ii) METHANOL In Europe CONTRACT FOB RDAM. From Jul 1999 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

METHANOL In Asia Pacific SPOT CFR TAIWAN. From Jan 1993 to present. Quoted in $/tonne.

9. POLYVINYL CHLORIDE

US:

(i) POLYVINYL CHLORIDE In US Gulf DOMESTIC GENERAL PURPOSE. From Jan 1993 to Feb 2004. Quoted in cents/lb. Converted to $/tonne.

(ii) POLYVINYL CHLORIDE In US Gulf CONTRACT GENERAL PURPOSE. From Mar 2004 to present. Quoted in cents/lb. Converted to $/tonne

Western Europe:

 

(i) POLYVINYL CHLORIDE In Europe DOMESTIC GERMANY. From Jan 1993 to 12 Nov 1999. Quoted in DM/kg. Converted to $/tonne.

(ii) POLYVINYL CHLORIDE In Europe DOMESTIC GERMANY. From 19 Nov 1999 to 22 Feb 2002. Quoted in €/kg. Converted to $/tonne.

(iii) POLYVINYL CHLORIDE In Europe DOMESTIC GERMANY. From 1 Mar 2002 to 30 Dec 2011. Quoted in €/tonne. Converted to $/tonne.

(iv) POLYVINYL CHLORIDE in Europe DOMESTIC (PIPE GRADE) FD NWE. From 6 Jan 2012 to present. Quoted in €/tonne. Converted to $/tonne.


Asia:

(i) POLYVINYL CHLORIDE In Asia Pacific SPOT CFR HONG KONG. From Jan 1993 to 1 Dec 2006. Quoted in $/tonne.

POLYVINYL CHLORIDE In Asia Pacific SPOT CFR CHINA MAIN PORT. From 8 Dec 2006 to present. Quoted in $/tonne.

10. POLYETHYLENE

US:

POLYETHYLENE : LDPE (LINER GRADE) In US Gulf DOMESTIC BULK. From Jan 1993 to present. Quoted in cents/lb. Converted to $/tonne.

Western Europe :

(i) POLYETHYLENE : LDPE (GP FILM) In Europe DOMESTIC. From  Jan 1993 to Dec 1999. Quoted in DM/kg. Converted to $/tonne.

(ii) POLYETHYLENE : LDPE (GP FILM) In Europe DOMESTIC. From  Jan 2000 to present. Quoted €/tonne Converted to $/tonne.

Asia :

POLYETHYLENE : LDPE (FILM) In Asia Pacific SPOT HONG KONG. From Jan 1993 to present. Quoted in $/tonne.

11. POLYPROPYLENE

US:

POLYPROPYLENE (HOMOPOLYMER) In US Gulf DOMESTIC BULK  (INJECTION). From Jan 1993 to present. Quoted in cents/lb. Converted to $/tonne.

Western Europe :

(i) POLYPROPYLENE (INJECTION) In Europe DOMESTIC GERMANY. From Jan 1993 to Dec 1999. Quoted in DM/kg. Converted to $/tonne.

(ii) POLYPROPYLENE (INJECTION) In Europe DOMESTIC GERMANY. From Jan 2000 to 18 Apr 2008. Quoted in €/tonne. Converted to $/tonne.

(ii) POLYPROPYLENE (INJECTION) In Europe DOMESTIC FD EU. From 25 Apr 2008 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

POLYPROPYLENE (INJECTION) In Asia Pacific SPOT HONG KONG. From Jan 1993 to 8 Apr 2004. Quoted in $/tonne.

POLYPROPYLENE (FLAT YARN) In Asia Pacific SPOT HONG KONG. From 15 Apr 1994 to 11 Oct 2002. Quoted in $/tonne.

POLYPROPYLENE (FLAT YARN) In Asia Pacific SPOT CHINA MAIN PORT. From 18 Oct 2002 to present. Quoted in $/tonne.

12. POLYSTYRENE

US:

POLYSTYRENE (GP) In US Gulf DOMESTIC BULK. From Jan 1993 to present. Quoted in cents/lb. Converted to $/tonne.

Western Europe:

(i) POLYSTYRENE (GP) In Europe DOMESTIC GERMANY. From Jan 1993 to Dec 1999. Quoted in DM/kg. Converted to $/tonne.

(ii) POLYSTYRENE (GP) In Europe DOMESTIC GERMANY. From Jan 2000 to 18 Apr 2008. Quoted in €/tonne. Converted to $/tonne.

(iii) POLYSTYRENE (GP) In Europe DOMESTIC FD EU. From 25 Apr 2008 to present. Quoted in €/tonne. Converted to $/tonne.

Asia:

POLYSTYRENE (GP) In Asia Pacific SPOT TAIWAN. From Jan 1993 to present. Quoted in $/tonne.

III . REGIONAL PLANT CAPACITIES

To weight product pricing in each grade, regional capacities were added applying the following criteria:

Source: ICIS plants listing (June 2010)

Regional Definitions:

The US region includes all facilities in each component grade in the US.

The western European region includes facilities in western Europe, including Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the UK.

The Asian region includes all facilities in northeast and southeast Asian countries, plus India, Pakistan, Australia and New Zealand.