European polymer prices were mixed over the week to 13th March. There were reductions of between 25 and 35 EUR per tonne reported in the prices of LDPE, LLDPE, Polypropylene and PVC. The price of Polystyrene rose by 25 EUR per tonne. In the UK, prices rose across some grades as the Pound lost value against the Euro.
Asian polymers fell with reductions of between 5 and 70 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene. There was an increase of 30 USD per tonne noted in the price of PET.
U.S. polymers were unchanged.
West Texas Intermediate and Brent Crude oil fell to $111.22 and $110.24 per barrel respectively, reductions of 1.8% and 0.3%.
Global oil prices slipped back slightly but were supported by concerns that supplies will tighten if the European Union bans Russian oil and indications that China is soon to ease pandemic restrictions.
The proposed EU embargo of Russian oil could remove around 3 million bpd from the market and Moscow has enforced sanctions on several European energy companies in retaliation.
In China, authorities pledged to support the economy and city officials said Shanghai would start to ease coronavirus traffic restrictions and open shops later this month.
The EU said there was enough progress to relaunch nuclear negotiations with Iran, but the U.S. said there was no agreement yet and no certainty that one might be reached.
It is understood that another 1 million bpd of Iranian oil could be available if sanctions are lifted.