European polymer prices continued to rise over the week to 1st May, though only on two grades. Prices appear to be stabilising but there were increases of 15 and 40 EUR per tonne reported in the prices of Polystyrene and PET.
Asian polymers were mixed with reductions of between 5 and 50 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC and Polystyrene. There were increases of 10 USD per tonne noted in the prices of PET and ABS. In China, the prices of LDPE and LLDPE rose by 10 and 25 USD per tonne respectively.
U.S. polymers were also mixed with a reduction of 1 Cent per pound reported in the price of HDPE. There was an increase of 1 Cent per pound noted in the price of Polystyrene.
West Texas Intermediate and Brent Crude rose to $101.94 and $108.17 per barrel respectively, increases of 8.0% and 2.7%.
Global oil prices slipped back slightly after hitting a four-year high on concerns that the U.S.-Iran war could worsen and lead to a protracted Middle East oil supply disruption that will damage economic growth.
Efforts to resolve the conflict appear to have hit an impasse, with a ceasefire in place since early April but Iran still blocking the strait in response to the U.S. naval blockade of Iran’s oil exports.
The U.S. State Department has invited partner nations to join a new coalition, called the Maritime Freedom Construct, to enable ships to navigate the strait.
France, Britain and other countries have held talks on contributing to such a coalition but said they were willing to help open the Strait only when the conflict ends.