European polymer prices rose over the week to 30th January. There were increases of 5 and 20 EUR per tonne reported in the prices of LLDPE and LDPE. In the UK, prices fell against some grades as the Pound gained value against the Euro.
Asian polymers rose with increases of between 5 and 50 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
U.S. polymers also rose with increases of between 1 and 5 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene and ABS.
West Texas Intermediate and Brent Crude rose to $65.21 and $69.32 per barrel respectively, increases of 6.8% and 5.2%.
Global oil prices rose to near six-month highs, supported by ongoing tensions between the U.S. and Iran.
U.S. President, Donald Trump, is understood to be considering actions against Iran that include targeted strikes, raising concerns about supply disruptions.
Both the U.S. and Iran have signalled willingness to engage in dialogue, but Tehran said its defence capabilities should not be included in any talks.
Iran’s Foreign Minister, Abbas Araghchi, said armed forces were ready “with their fingers on the trigger” to “immediately and powerfully respond” to any aggression.