Import prices of raw materials to hit record

With the rise in oil and crude emulsified oil prices, import prices of international raw materials, which dropped temporarily during July, have surged once again, nearing their highest point in history.

According to Association of Foreign Trading Agents of korea`s findings on price trends during the month of August for imported international raw materials, the price of standard Oman blend oil reached $27.44 per barrel, increasing 3.3% from July¡¯s $26.57 per barrel. Moreover, the price of middle-eastern industrial naphtha, an emulsified product, reached $288 per ton, increasing $19 (7.1%) from the previous month and $73 (34%) from last year. The price of south Arabian methanol also reached $205 per ton, increasing $5 (2.5%) from the previous month and $80 per ton (64%) from last year.

Consequently, the association`s index for the price of imported raw materials, known as the AFTAK index (December 1995 = 100), has risen by 2.36 points since July to come close to its June high point of 110.49.

Ceong Yeong-Tae ytceong@donga.com