European polymer prices were mixed over the week to 6th March. There was a reduction of 25 EUR per tonne reported in the price of Polypropylene. In the UK, prices rose across most grades as the Pound lost value against the Euro.
Asian polymers were also mixed with reductions of between 10 and 40 USD per tonne reported in the prices of HDPE, LDPE, LLDPE and Polypropylene. There were increases of 5 USD per tonne noted in the prices of ABS and Polystyrene.
U.S. polymers rose with increases of between 5 and 10 Cents per pound reported in the prices of PVC, ABS and Polystyrene.
West Texas Intermediate and Brent Crude oil rose to $110.56 and $113.22 per barrel respectively, increases of 6.0% and 6.7%.
Global oil prices rose despite concerns about slow, global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supplies.
OPEC+ has ignored calls from Western nations for an output hike and has stuck with its plan to raise its June output target by only 432,000 barrels per day. Analysts expect the group’s actual production rise to be much smaller as a result of supply shortfalls, mainly from Angola and Nigeria.
OPEC Secretary General, Mohammad Barkindo, said that it was not possible for other producers to replace Russian exports of more than 7 million bpd. “The spare capacity just does not exist,” he said.
However, ongoing COVID-19 lockdowns in China are reducing demand from the world’s second-largest economy and limiting price increases.