European polymer prices continued to fall over the week to 31st July. There were reductions of between 25 and 50 EUR per tonne reported in the prices of LDPE, LLDPE and PET. In the UK, prices rose across some grades as the Pound lost value against the Euro.
Asian polymers were mixed with increases of between 40 and 110 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and PVC. There was a reduction of 15 USD per tonne noted in the price of PET. In China, the price of LLDPE fell by 30 USD per tonne.
U.S. polymers rose with increases of 1 Cent per pound reported in the prices of HDPE, LLDPE, Polypropylene and PVC.
West Texas Intermediate and Brent Crude fell to $84.67 and $87.93 per barrel respectively, reductions of 5.2% and 9.1%.
Global oil prices fell over the week but lifted on Friday after Iran claimed it had stopped two vessels seeking to exit the Strait of Hormuz and forced four other tankers to turn back after its forces intervened.
Oil prices are expected to rise further this year as shipping disruptions in the Strait of Hormuz and attacks in the Red Sea by Iran-backed Houthis threaten oil flows and heighten supply risks.
The International Energy Agency forecast global oil demand to fall by 1 million bpd this year but rebounding to rise by 2 million bpd in 2027.
OPEC has lowered its forecast for world oil demand growth in 2026 to 780,000 bpd, a third successive downward revision.