Global IPEX down by 1.1% on softer northeast Asia, US Gulf chemical values

LONDON (ICIS)–The ICIS Petrochemical Index (IPEX) dropped in April on the back of lower chemical prices in northeast Asia and the US Gulf.

In northwest Europe, the index posted the only increase month on month, partly on the back of a rise in crude oil costs in the first half of April, prompted by the OPEC+ announcement of oil production cuts starting in May.

Higher toluene, paraxylene (PX), methanol and styrene contract prices drove the European IPEX up in April.

The US Gulf saw the sharpest index decline globally, down by 4.2%, due to steep falls in propylene, polypropylene (PP) and styrene contract values. In this region, PX was the only commodity that posted a price rise in April.

The IPEX in northeast Asia decreased by 0.8% on sharp butadiene, methanol and polyvinyl chloride (PVC) pricing drops. A monthly rise in PX, styrene, toluene and benzene values could not contain the fall in the region.

The Global IPEX index for April is down by 23.6% year on year.

*A non-market adjustment was made by ICIS to US polyethylene (PE) prices on 10 February 2023, as well as to US PVC prices on 17 February 2023. These adjustments impacted the US IPEX values.

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.