Global petrochemical prices fell by 11% in May, their biggest month-on-month drop since November 2008, when the worldwide economic crisis became an accepted and painful reality.
Prices in the $3-trillion-plus global petrochemicals market averaged $1279/tonne in May, plummeting by $165/tonne according to the Platts Global Petrochemical Index (PGPI), a benchmark basket of seven widely used petrochemicals.
Platts noted that all seven components of the PGPI were lower in May, with propylene and ethylene experiencing the largest losses (17% each).
The top two plastics in terms of consumption, which are also products of ethylene and propylene, polypropylene and polyethylene, were down 9% and 8%, respectively.
The global aromatics markets posted the most shallow declines, with toluene and paraxylene both falling 4%. The global benzene index was down 2%.
via Global petrochemical prices in freefall | PlasticsToday.com.