The PGPI is a benchmark basket of seven widely used petrochemicals and is published by Platts.

The September PGPI was down $43, or 3%, from August to $1,384 per metric ton (/mt). On a year-over-year basis, petrochemical prices edged down less than 1% from September 2013.

“There were two factors contributing to lower prices in the petrochemical markets this past month,” said Jim Foster, Platts editorial director of petrochemical analytics.

“First, both crude oil and naphtha prices have been falling. This has reduced the cost of making petrochemical products. Second, the prices of petrochemical products have climbed too high for buyers, resulting in a fall in demand and slower sales.”

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.