LONDON (ICIS)--The Global ICIS Petrochemical Index (IPEX) was up slightly in May reflecting a range of price movements globally.
The index for Europe was higher as monthly contracts, settled largely at the end of April, were influenced by a higher crude oil price environment.
The northeast Asia index was lower as growth slowed and inventories built in the all important China market.
- Paraxylene (PX) prices sharply lower on significant new capacity in China and PET weakness. Asia Contract Price (ACP) still not settled
- Rising spot prices push US Gulf propylene May contract price higher
- Butadiene remains volatile. NE Asia prices down sharply
The global IPEX for May is down 14% year on year. The fall in the northeast Asia index is closer to 20%.
|IPEX||IPEX Value||April to May change|
Major price rises in May
|Commodity||Region||Month on month rise|
|Propylene||US Gulf Coast||12.7%|
|Polypropylene||US Gulf Coast||7.1%|
Major price falls in May
|Commodity||Region||Month on month fall|
|Paraxylene||US Gulf Coast||-8.4%|
|Toluene||US Gulf Coast||-6.8%|
IPEX values are subject to change as monthly contract prices settle retrospectively. US ethylene and styrene monthly contract prices have not yet settled for May. The PX Asia Contract Price (ACP) has rolled over for the third consecutive month.
The ICIS petrochemical index tracks the movement of 12 major petrochemicals and polymers: ethylene, propylene, butadiene, benzene, toluene, paraxylene (PX), polyethylene (PE), polypropylene (PP), styrene, polystyrene (PS), methanol and polyvinyl chloride (PVC) with the regional indexes weighted by capacity.