European polymer prices continued to rise over the week to 24th April. There were increases of between 55 and 175 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene.
Asian polymers were mixed with reductions of between 5 and 65 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, ABS and Polystyrene. There was an increase of 20 USD per tonne noted in the price of PET. In China, the price of PVC fell by 5 USD per tonne.
U.S. polymers were also mixed with reductions of between 1 and 5 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC and ABS. There was an increase of 2 Cents per pound noted in the price of PET.
West Texas Intermediate and Brent Crude rose to $94.40 and $105.33 per barrel respectively, increases of 12.6% and 16.5%.
Global oil prices rose sharply after peace talks that were due to take place between the United States and Iran were cancelled after Iran said it was no longer ready to attend due to the US blockade of its ports.
Israeli radio reported the resignation of Iran’s top negotiator, Mohammad Baqer Qalibaf, from the negotiating team. Qalibaf’s resignation was seen as a victory for hardline elements within the Iranian government.
U.S. President, Donald Trump extended a ceasefire between the countries after a request by Pakistani mediators, but Iran and the U.S. are still restricting the transit of ships through the Strait of Hormuz, which carried about 20% of daily global oil supplies until the start of the war on 28th February.
The White House that it was sending envoys Steve Witkoff and Jared Kushner to Islamabad because the Iranians wanted to talk “in person”.