European polymer prices continued to rise over the week to 15th May. There were increases of between 20 and 50 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, ABS and Polystyrene.
Asian polymers fell with reductions of between 20 and 45 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, PVC, ABS and Polystyrene. In China, the price of Polypropylene rose by 5 USD per tonne.
U.S. polymers were unchanged apart from a 1 Cent per pound increase reported in the price of LDPE.
West Texas Intermediate and Brent Crude rose to $105.42 and $109.26 per barrel respectively, increases of 10.5% and 7.9%.
Global oil prices rose again after comments by U.S. President, Donald Trump and Iran’s foreign minister further dented hopes of a deal to end ship attacks and seizures around the Strait of Hormuz.
The tone between the U.S. and Iran has once again become significantly more confrontational with Foreign Minister, Abbas Araqchi stating that Iran has “no trust” in the United States and is interested in negotiating only if Washington is serious. He added that Iran is prepared to go back to fighting but is also prepared for diplomatic solutions.
Trump said he is running out of patience with Iran and that he has agreed with Chinese President, Xi Jinping that Iran cannot be allowed to have a nuclear weapon and must reopen the strait.
Xi did not comment on his discussions with Trump about Iran, though China’s foreign ministry stated, “This conflict, which should never have happened, has no reason to continue.”
After the recent U.S.-China summit, Trump said that China wants to buy oil from the United States. Trump also said he could lift sanctions on Chinese companies that buy Iranian oil.