The ICIS global petrochemical index (IPEX) fell last month to its lowest level since April 2009, as a drop in oil prices and an outbreak of Covid-19 have badly hit the chemicals market.

The index was the weakest in North-East Asia, with average spot market prices used to compile the index most responsive to negative market conditions.The negative impact on the Scandinavian and us contracts agreed in March is less clear.Still, individual contract prices have fallen sharply.On April 2nd America's march ethylene contract prices hit an 18-year low.