Drastic price fall in USA causes IPEX’s second consecutive decline in 2009

04-Nov-09

A dramatic fall in prices in USA has caused 2009’s second consecutive decrease on the The ICIS Petrochemical Index (IPEX) fell to 239.50 in November, down 5.15 points from the previous month. Prices have now fallen two consecutive months. That was the first time since chemical prices started a steady rise in March 2009. As per ICIS, the index fell by 2.1% from 244.65 in October, on large declines in US propylene and polypropylene (PP). Additionally, drastic cuts in paraxylene (PX) values in all regions driven by lower demand in Asia and a fall in US gasoline prices also contributed. US propylene contracts declined for the first time in the year in October, shedding 10 cents/lb amid ample supply. Benzene was the only chemical to see significant gains in all regions rising by 9.6% in the US as well as in Europe and Asia. Published at the beginning of each month, the IPEX provides an independent indicator of average change in world petrochemical prices.