Prices in the $3-trillion-plus global petrochemicals market fell 2% to $1,278 per metric ton (/mt) in May on the back of weaker raw inputs prices, according to the monthly Platts Global Petrochemical Index (PGPI).
The PGPI is a benchmark basket of seven widely used petrochemicals and is published by Platts.
This follows a monthly PGPI average price of $1,309 in April. On a year-over-year basis, the data showed petrochemical prices were virtually unchanged, down less than 1%, from the May 2012 average price of $1,279/mt.
Petrochemicals are used to make plastic, rubber, nylon and other consumer products and are utilized in manufacturing, construction, pharmaceuticals, aviation, electronics and nearly every commercial industry.
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