European polymer prices rose over the week to 28th August, with increases of 5 and 10 EUR per tonne reported in the prices of ABS and Polypropylene. In the UK region of Europe, prices fell across some grades as the Pound gained value against the Euro.
Asian polymers also rose with increases of between 10 and 60 USD per tonne reported in the prices of HDPE, LDPE and ABS. In China, the prices of LLDPE and Polypropylene rose by 10 USD per tonne.
U.S. polymers were unchanged.
West Texas Intermediate and Brent Crude oil prices rose to $42.98 and $45.86 per barrel respectively, increases of 1.5% and 3.4%.
Global oil prices rose as U.S. producers shut most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and China-U.S. trade talks progressed.
Increases were capped by renewed concern over the coronavirus pandemic after reports from Europe and Asia of patients being re-infected with COVID-19, raising doubts about future immunity.
Also, Chinese customs data showed that China imported 3.67 million tonnes from the United States in July, around 864,225 bpd, and 139% higher than the same month in 2019.
July’s imports from the U.S. were a record high, but August’s imports are expected to be even higher, an estimated 900,000 bpd.
U.S. and Chinese officials have reaffirmed their commitment to Phase 1 of their trade deal, potentially boosting trade between the world’s two largest oil consumers.