European polymer prices were mixed over the week to 2nd October. There was an increase of 10 EUR per tonne reported in the price of Polypropylene and a reduction of 25 EUR per tonne noted in the price of Polystyrene. In the UK, prices fell across most grades as the Pound gained value against the Euro.
Asian polymers rose with increases of between 10 and 30 USD per tonne reported in the prices of HDPE, LLDPE, PET, ABS and Polystyrene. There was a reduction of 30 USD per tonne noted in the price of LDPE. In China, the prices of Polypropylene and LDPE rose by 5 and 25 USD per tonne.
U.S. polymers were mixed with increases of 1 and 2 Cents per pound reported in the prices of ABS and Polystyrene. There was a reduction of 2 Cents per pound noted in the price of Polypropylene.
West Texas Intermediate and Brent Crude fell to $91.11 and $102.25 per barrel respectively, reductions of 1.8% and 2.0%.
Global oil prices settled after European leaders agreed to US President, Donald Trump’s request to release diesel reserves to lower prices and reduce fuel imports from the US.
The group of G7 nations will release 100 million barrels of oil and diesel with discussions around “additional diesel releases as necessary”, G7 leaders said in a statement.
The group of advanced economies, including the US, said the move would begin immediately and would last for four months.
It was reported that Chinese refiners had suspended oil product exports for October to preserve domestic stocks.