European polymer prices fell over the week to 5th August. There were reductions of between 20 and 150 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PVC and ABS. In the UK, prices fell across most grades as the pound gained value against the Euro.
Asian polymers fell with reductions of between 20 and 110 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, ABS and Polystyrene. In China, the price of Polypropylene rose by 5 USD per tonne.
U.S. polymers also fell with reductions of between 2 and 4 Cents per pound reported in the prices of HDPE, LDPE, LLDPE and Polypropylene.
West Texas Intermediate and Brent Crude oil fell to $88.64 and $94.66 per barrel respectively, reductions of 9.7% and 9.0%.
Global oil prices dropped sharply on predictions of an economic recession later this year that will severely impact energy demand.
The Bank of England has raised interest rates in a bid to curb inflation which is predicted to hit over 13%. UK interest rates rose to 1.75%, the largest rise in 27 years.
OPEC+ has agreed to raise its output target by 100,000 bpd which is equivalent to just 0.1% of global demand.
Supply issues are expected later this year, with European Union sanctions banning seaborne imports of Russian crude coming into effect from 5th December.
Saudi Arabia and the UAE say they are ready to deliver a “significant increase” in oil production should the world face a severe supply crisis this winter.