European polymer prices rose over the week to 11th September with increases of 5 and 10 EUR per tonne reported in the prices of PVC and ABS. In the UK region of Europe, prices rose across most grades as the Pound lost value against the Euro.
Asian polymers were mixed with increases of between 10 and 60 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC and ABS. There were reductions of 5 and 20 USD per tonne noted in the prices of PET and Polystyrene.
U.S. polymers remained unchanged apart from a 1 Cent per pound increase reported in the price of PET.
West Texas Intermediate and Brent Crude oil prices fell to $37.30 and $39.79 per barrel respectively, reductions of 5.4% and 6.0%.
Global oil prices dropped sharply with Brent Crude falling below $40 per barrel for the first time since June after Saudi Arabia cut its October selling prices and the number of coronavirus cases rebounded in several countries.
Infections are rising in India, the UK, Spain and in several areas of the United States. There are renewed fears that these increases will weaken the global economic recovery and reduce fuel demand.
Saudi Arabia’s state oil company, Aramco, has cut the official October selling prices for its Arab light oil in anticipation of softening demand.
Oil prices have recovered from the historic lows hit in April, thanks to the record supply cuts by OPEC and its allies, OPEC+. The producers have scheduled another meeting on 17th September to review output levels.