Global IPEX slides 7.7% in July on lower chemical prices in NE Asia, NW Europe
Miguel Rodriguez Fernandez
LONDON (ICIS)–The ICIS Petrochemical Index (IPEX) slid 7.7% month on month in July as petrochemical and plastic prices fell in northeast Asia and northwest Europe.
The IPEX in northeast Asia posted the largest fall, slumping 8.4% in the month after a drop in crude values and poor demand for chemicals. Butadiene (BD), paraxylene (PX) and benzene led the slide.
Prices in northwest Europe were down 2.8%, with polypropylene (PP), polyethylene (PE) and methanol all lower. A 25% jump in benzene prices failed to offset declines in most of the markets tracked in Europe.
The US Gulf was the only region to see chemical and plastic prices increase in July, and was this mainly down to a 42.4% surge in benzene prices. Polystyrene (PS) values also soared, but ethylene, toluene and propylene prices fell.
The Global IPEX index is up 6.9% year on year.
Thumbnail image: Shutterstock
The ICIS petrochemical index tracks the movement of prices for the 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. The IPEX values are related to a January 2000 base of 100. IPEX values are subject to change retrospectively as monthly contract prices are settled.