European polymer prices continued to fall over the week to 10th July. There were reductions of between 75 and 250 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene.
Asian polymers also fell with reductions of between 5 and 140 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene. In China the prices of HDPE and PVC were unchanged.
U.S. polymers were mixed with reductions of between 1 and 2 Cents per pound reported in the prices of PET, PVC and Polystyrene. There was an increase of 2 Cents per pound noted in the price of ABS.
West Texas Intermediate and Brent Crude rose to $71.41 and $76.01 per barrel respectively, increases of 3.8% and 5.4%.
Global oil prices lifted over the week but did settle on Friday after the latest round of U.S.-Iran fighting as traders grew hopeful that shipping would eventually resume in the Strait of Hormuz.
The US wants Iran to publicly state that the Strait is open and to pledge to stop firing on commercial ships as part of negotiations due to be held in Oman on Saturday.
US media cited unnamed officials as saying Tehran had privately acknowledged to President Donald Trump’s advisers that the shooting at ships was a mistake, though the Iranians reportedly pinned the blame on a rogue internal group.
The International Energy Agency has downgraded its projections on Russian oil production because of Ukrainian attacks on the country’s energy infrastructure.
Russian gasoline output fell to a level equivalent to only around 65% of the seasonal average after Ukrainian drone attacks led to stoppages at large oil refineries, according to industry sources.