European polymer prices continued to rise over the week to 27th March. There were increases of between 10 and 255 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC and ABS.
Asian polymers were mixed with increases of between 5 and 155 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene. There was a reduction of 20 USD per tonne noted in the price of PET. In China, the price of PET fell by 50 USD per tonne.
U.S. polymers rose with increases of between 1 and 3 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
West Texas Intermediate and Brent Crude rose to $99.64 and $112.60 per barrel respectively, increases of 1.0% and 0.4%.
Global oil prices remained at elevated levels as the latest conflict in the Middle East shows no sign of abating. Polymer producers are forecasting further price hikes in April.
U.S. Special Envoy, Steve Witkoff confirmed that the United States sent a “15-point action list” to Iran as a basis for negotiations to end the war. Iranian Foreign Minister, Abbas Araqchi said earlier that Iran was reviewing the U.S. proposal but there were no talks on winding down the war.
A senior Iranian official said that the proposal was “one-sided and unfair,” even as U.S. President, Donald Trump said Iran has offered to let 10 oil tankers transit the Strait of Hormuz as a goodwill gesture in the negotiations.
The Iranian backed Houthis in Yemen have confirmed they have attacked Israel for the first time since the start of the US-Israeli war with Iran.
The group says it fired a barrage of ballistic missiles “targeting sensitive Israeli military sites” in response to the targeting of Iran, Lebanon, Iraq and Palestinian territories. It adds that its operations will continue until the “aggression” on all fronts ends.