European polymer prices fell over the week to 10th November. There were reductions of between 20 and 120 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene.
Asian polymers also fell with reductions of between 10 and 30 USD per tonne reported in the prices of HDPE, LLDPE, Polypropylene, ABS and Polystyrene. In China, the prices of LDPE and PET fell by 10 and 15 USD per tonne.The price of PVC rose by 5 USD per tonne.
U.S. polymers were unchanged apart from a 6 Cent per pound increase reported in the price of Polypropylene.
West Texas Intermediate and Brent Crude oil fell to $77.22 and $81.70 per barrel respectively, reductions of 4.5% and 4.1%.
Global oil prices continued to slide and fell to their lowest in more than three months on concerns over reducing demand in the U.S. and China.
Also pressuring prices, U.S. crude oil stocks rose by almost 12 million barrels last week, according to figures released by the American Petroleum Institute.
Data from China showed its total exports of goods and services contracted faster than expected, feeding worries about the energy demand outlook.
However, China’s central bank governor said the world’s second largest economy is expected to hit its gross domestic product growth target this year of around 5%.
OPEC and allies including Russia, OPEC+ will meet on 26th November and is expected to extend its output cuts into the first quarter of 2024.