European polymer prices rose over the week to 23rd January. There was an increase of 10 EUR per tonne reported in the price of LDPE. In the UK, prices rose against most grades as the Pound lost value against the Euro.
Asian polymers were mixed with increases of between 5 and 30 USD per tonne reported in the prices of LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene. There was a reduction of 10 USD per tonne noted in the price of PET. In China, the price of HDPE fell by 30 USD per tonne.
U.S. polymers rose with increases of 1 and 4 Cents per pound reported in the prices of HDPE and ABS.
West Texas Intermediate and Brent Crude rose to $61.07 and $65.88 per barrel respectively, increases of 2.9% and 2.7%.
Global oil prices continued to rise after U.S. President, Donald Trump, renewed threats against major Middle Eastern producer Iran, raising concerns of military action that could disrupt supplies.
U.S. officials said warships, an aircraft carrier and guided missile destroyers will arrive in the Middle East in the coming days.
Iran is the fourth-largest producer in OPEC and a major exporter to China, the world’s second-largest oil consumer.
Prices were pressured by data that showed U.S. crude stocks rose by 3.6 million barrels in the week ending 16th. January, against a forecasted build of 1.1 million barrels.