European polymer prices fell over the week to 11th September. There were reductions of between 5 and 140 EUR per tonne reported in the prices of PVC, ABS and Polystyrene. In the UK, prices fell across all grades as the Pound gained value against the Euro.
Asian polymers were mixed with increases of between 20 and 90 USD per tonne reported in the prices of HDPE, PET, Polypropylene, PVC, ABS and Polystyrene. There was a reduction of 10 USD per tonne noted in the price of LLDPE. In China, the prices of HDPE and LDPE fell by 10 and 15 USD per tonne. The price of LLDPE rose by 10 USD per tonne.
U.S. polymers were also mixed with increases of between 2 and 3 Cents per pound reported in the prices of LDPE, LLDPE, PET and ABS. There was reductions of 2 Cents per pound noted in the price of Polystyrene.
West Texas Intermediate and Brent Crude rose to $100.05 and $104.61 per barrel respectively, increases of 9.4% and 8.7%.
Global oil prices continued to rise and U.S. diesel prices hit a record high as attacks on Middle East shipping routes heightened concerns about prolonged supply disruptions.
Iran said it had attacked ten ships near the Strait of Hormuz, after the U.S. hit five Iranian oil tankers. Iran’s Islamic Revolutionary Guard Corps said it would escalate its response to any further aggression.
Due to attacks on its energy facilities, Saudi Arabia’s crude supply fell by 2.3 million bpd to 6 million bpd in August, the lowest level in more than three decades, according to the International Energy Agency.
Foreign ministers in the Middle East are understood to be trying to work out a temporary deal with Iran to manage shipping through the Strait of Hormuz.