European polymer prices continued to fall over the week to 24th July. There were reductions of between 30 and 110 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and Polystyrene. In the UK, prices rose across some grades as the Pound lost value against the Euro.
Asian polymers rose with increases of between 5 and 60 USD per tonne reported in the prices of Polypropylene, PVC, ABS and Polystyrene. In China the prices of LDPE and LLDPE fell by 20 and 30 USD per tonne.
U.S. polymers were mixed with increases of between 1 and 2 Cents per pound reported in the prices of HDPE, LDPE, ABS and Polystyrene. There was a reduction of 1 Cent per pound noted in the price of LLDPE.
West Texas Intermediate and Brent Crude rose to $89.31 and $96.78 per barrel respectively, increases of 8.3% and 9.9%.
Global oil prices lifted again after Iran carried out drone strikes on US military facilities and bases across the Middle East in retaliation for the 13th consecutive night of American attacks on the country.
Explosions were reported along Iran’s Gulf coast, and in western, northern and central areas. Four people were killed and five injured in an attack in the south-west, Iranian state media said.
It comes as Iran condemned the US plan to use frozen Iranian assets to pay for war damages, in a sign of further escalation between the two countries.
Shipping traffic through the Strait of Hormuz has reduced significantly and Yemen’s Houthi fighters claim to have attacked shipping in the Red Sea, a move that threatens to further escalate the conflict in the Middle East.
Prices fell back slightly on Friday after it was reported that China had initiated a push to resume stalled peace talks between the U.S. and Iran.