LONDON (ICIS)--Confidence in the European propylene chain was mostly down this month with indicators for current and future business conditions, order book volumes in the next year and short-term profitability all falling, analysis of the August ICIS Chemical Market Confidence Index showed on Tuesday.
Current order book volumes and future profitability both rose from last month, the former remaining positive and the latter moving from a negative position to 6.9 in the overall index.
Current and future business conditions were both negative, as was profitability compared with the last 12 months which was well below the zero line at minus 25.8.
Propylene chain CMCI last four months
The overall CMCI index for August showed improving short-term business conditions but lower long-term confidence as economic and political uncertainties continue to weigh down the European market.
The newly established ICIS Europe CMCI aggregates sentiment from hundreds of petrochemical market players actively involved in price negotiations across more than 60 different markets.
The Europe CMCI runs from +100, to -100, with zero on each index representing neutral, or uncertain conditions, a negative score indicating bearish expectations and a positive score representing bullish expectations. The indices also gather sentiment on the comparison between the current situation and the situation across the past 12 months to give a complete picture of current market conditions and confidence. The information is gathered in the third week of each month. A full methodology is available on request.
For more details on the overall Europe CMCI data, click here