The global petrochemicals market rose 6% to $1175 per tonne in July, up from June's average of $1104/tonne, marking the first monthly price increase since March. That's according to the just-released monthly average of the Platts Global Petrochemical Index (PGPI), a benchmark basket of seven widely used petrochemicals. The increase comes after prices were in freefall in the spring, with June's prices 14% below May's levels.
Platts noted that despite the July increase, petrochemicals prices were still trading well below year-ago levels, off 13% from July 2011.
Global petrochemical prices climbed on rising energy prices. Brent crude oil prices rose 12% in July, once again piercing $100 per barrel mark, after falling below $90/barrel in June. Naphtha prices were also higher in July, with the Platts global naphtha index up 13% to $572/tonne.