European polymer prices rose over the week to 24th July, with increases of between 5 and 20 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE and Polypropylene. 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 10 USD per tonne reported in the prices of HDPE, LDPE and LLDPE. There was a reduction of 10 USD per tonne noted in the price of Polystyrene. In China, the prices of ABS and Polypropylene fell by 15 USD per tonne.
U.S. polymer prices were unchanged apart from a 1 Cent per pound increase reported in the price of ABS.
West Texas Intermediate and Brent Crude oil prices rose to $41.29 and $43.34 per barrel respectively, increases of 1.7% and 0.5%.
Global oil prices lifted slightly but gains were limited by the ongoing tensions between the United States and China.
Supporting market sentiment, Eurozone business activity grew in July for the first time since the coronavirus pandemic hit, according to IHS Markit’s Purchasing Managers’ Index report.
In addition, U.S. business activity increased to a six-month high in July. However, U.S. companies reported a drop in new orders as the number of coronavirus cases spiked.
The resurgent pandemic has darkened the U.S. economic outlook and some states have reinstated restrictions, which will impact fuel consumption.
The active U.S. oil and gas rig count, fell to an all-time low of 251 in the week to 24th July.
China has ordered the United States to close its consulate in the city of Chengdu, responding to a U.S. demand that China close its Houston consulate.