European polymer prices continued to fall over the week to 12th June. There were reductions of between 5 and 90 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene.
Asian polymers fell with reductions of between 10 and 150 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
U.S. polymers also fell with reductions 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 fell to $84.88 and $87.33 per barrel respectively, reductions of 6.3% and 6.2%.
Global oil prices fell after Iran’s Foreign Minister said that a deal with the US to end fighting in Iran is close and includes reopening the Strait of Hormuz.
Seyed Abbas Araghchi told state TV the deal also includes the lifting of a US blockade of Iran but talks on Iran’s nuclear programme would begin later.
Araghchi said the administration of the Strait of Hormuz would “no longer be the same as before”. Since closing the Strait, Iran has insisted on a fee to be paid by vessels seeking to cross.
US officials have confirmed some of the details of the agreement, saying economic benefits for Iran would depend on Tehran meeting its obligations.