European polymer prices continued to rise over the week to 6th March. There were increases of between 10 and 20 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
Asian polymers rose with increases of between 25 and 90 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 3 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene
West Texas Intermediate and Brent Crude rose to $90.90 and $92.69 per barrel respectively, increases of 36.3% and 27.2%.
Global oil prices rose to their highest level in more than two years, after Qatar’s energy minister warned he expects all oil and gas exporters in the Gulf to stop production within days.
Saad al-Kaabi said the conflict in the Middle East could “bring down the economies of the world”.
Shipping through the Strait of Hormuz, through which between 15% and 20% of global oil production passes, has been almost completely halted.
Around 25 million tonnes of polymer, approximately 6% of global demand, is produced in the Middle East annually, with over 80% of this depending on the Strait for export.