European polymer prices were largely unchanged over the week to 6th November. There was an increase of 10 EUR per tonne reported in the price of PVC. In the UK, prices fell across most 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 LDPE, LLDPE, Polypropylene and Polystyrene. There were reductions of 5 USD per tonne noted in the prices of PET and ABS. In China, the price of LDPE fell by 5 USD per tonne.
U.S. polymers were static apart from a 2 Cent per pound increase reported in the price of ABS.
West Texas Intermediate and Brent Crude fell to $90.83 and $98.32 per barrel respectively, reductions of 12.8% and 13.3%.
Global oil prices fell sharply but edged up on Friday on renewed fears of further US strikes on Iran as US President, Donald Trump said he would soon decide whether to pursue a peace agreement or destroy what remains of Iran.
The US midterm results raised hopes of a de-escalation of the Iran war and additional crude exports out of the region. They also raised expectations of tighter US regulations for the AI industry, prompting a dramatic fall in technology stock values.
Crude prices have been supported by a surge in tanker attacks in the Gulf and the Strait of Hormuz, renewing concerns over supply flows from the region.
Data from Britain’s maritime security agency UKMTO suggested that attacks on oil-carrying ships are still running at close to record levels.