The global IPEX index rose 5.4% month-on-month in February

The ICIS Petrochemical Index (IPEX) rose 5.4% in February from the previous month, mainly due to higher chemical prices by region.

The rise in global chemicals prices in February was largely due to higher feedstock costs. In Northwest Europe, chemical price increases have been more limited than in other regions due to weak energy costs and weak demand from key downstream industries.

The IPEX index of Northeast Asian markets recorded the largest increase of 6.1 percent in February from January, with a sharp rise in butadiene, ethylene and propylene prices offsetting a small decline in benzene prices.

The U.S. Gulf IPEX index rose 4.2 percent in February, helped by higher prices for propylene, benzene and polypropylene. In the region, only toluene and ethylene prices have declined, while prices for paraxylene have yet to be finalized.

In north-west Europe, the IPEX rose 3.3 per cent on stronger prices of toluene, benzene, propylene and ethylene, offsetting declines in polyethylene and polypropylene.

The global IPEX index fell 14.2 per cent year on year in February. The IPEX index relates to the base of 100 in January 2000 (meaning that the index was established in January 2000 with an initial value of 100).

The ICIS Petrochemical Index tracks the price movements of 12 major petrochemical products and polymers: ethylene, propylene, butadiene, benzene, toluene, paraxylene, polyethylene, polypropylene, styrene, polystyrene, methanol and polyvinyl chloride, with regional indices weighted by capacity. The IPEX index is subject to change with the settlement of monthly petrochemical and polymer contract prices.