Imported raw-material prices peak

Due to the continually rising prices of crude oil and petroleum coupled with the recent surge in prices of agricultural and nonferrous metals, prices of imported raw materials reached their highest peak. According to a report released Tuesday by the Association of Foreign Trading Agents of Korea on the outlook for prices of imported raw materials, the price index for imported raw materials, known as the AFTAK index, with December 1995 as the base year (=100), reached 117.87 in September, a vertical increase by 7.57 points from August. The highest point so far was in June at 110.49.

Out of 30 products surveyed, prices of 14 products increased while prices of 8 products dropped. Prices of the remaining 8 products showed no change. The Middle Eastern industrial-use naphtha, which is used as the base material for products made out of petroleum, rose by 12.2% from US$288 a ton in August to US$323 in September. Saudi Arabian methanol also rose by 2.5% from US$205 to US$210. Moreover prices of agricultural products such as sugar, corn, and soybeans rose by 8%, 5.8%, and 3.4%, respectively, while prices of nonferrous metals such as nickel, electrolytic copper and aluminum also rose by 7.9%, 5.5% and 5.2%, respectively.