European polymer prices stabilised over the week to 5th April after nine consecutive weeks of increases. In the UK, prices rose slightly across some grades as the Pound lost value against the Euro.
Asian polymers were mixed with increases of between 5 and 25 USD per tonne reported in the prices of PET, ABS and Polystyrene. There was a reduction of 5 USD per tonne noted in the price of Polypropylene. In China, the price of LLDPE fell by 5 USD per tonne.
U.S. polymers were mixed with an increase of 4 Cents per pound reported in the price of Polypropylene and a reduction of 1 Cent per pound noted in the price of Polystyrene.
West Texas Intermediate and Brent Crude oil rose to $86.77 and $90.86 per barrel respectively, increases of 3.9% and 4.4%.
Global oil prices rose to their highest level since October on concerns that direct conflict between Israel and Iran could further tighten supplies.
GPS is being blocked across areas of Israel in order to disrupt missiles and drones, as tensions rise with Iran.
Iran has vowed to respond after a strike on its consulate building in Syria on Monday, which Israel is widely believed to be behind, killed 13 people, including a senior general.
Ongoing Ukrainian drone attacks on refineries in Russia are thought to have disrupted more than 15% of Russian capacity, a NATO official said on Thursday, hitting the country’s fuel output.
OPEC+ has maintained its output cuts and has pressed other countries to increase compliance with production limit targets.