European polymer prices continued to rise over the week to 17th April. There were increases of between 25 and 350 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
Asian polymers fell with reductions of between 15 and 100 USD per tonne reported in the prices of LDPE, PET, PVC, ABS and Polystyrene.
U.S. polymers were mixed with increases of between 1 and 2 Cents per pound reported in the prices of HDPE, PET, ABS and Polystyrene. There was a reduction of 1 Cent per pound noted in the price of PVC.
West Texas Intermediate and Brent Crude fell to $83.85 and $90.38 per barrel respectively, reductions of 13.2% and 5.1%.
Global oil prices fell sharply after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and U.S. President Donald Trump said Iran has agreed to never close the strait again.
However, Iran’s parliament speaker commented that the Strait of Hormuz will “not remain open” if the US blockade of Iranian ports continues.
A senior Iranian official said that all ships can sail through the Strait of Hormuz but this needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps, adding that unfreezing Iranian funds was part of the deal.
Donald Trump said that the U.S. will enter Iran at a “leisurely pace” to recover its enriched uranium and bring it back to the U.S.
European polymer prices continue to be most affected by the conflict. As it takes around three weeks for ships to move from the Gulf to Western European ports, it could be six months or more, before prices settle to near normal levels.