European polymer prices were largely unchanged over the week to 7th August. There was an increase of 10 EUR per tonne reported in the price of Polystyrene. In the UK, prices rose across most grades as the Pound lost value against the Euro.
Asian polymers were mixed with increases of 20 USD per tonne reported in the prices of HDPE, LDPE and LLDPE. There were reductions of between 10 and 30 USD per tonne noted in the prices of PVC, ABS and Polystyrene. In China, the price of LDPE and Polypropylene rose by 5 USD per tonne and the price of HDPE fell by 5 USD per tonne.
U.S. polymers fell with reductions of between 1 and 2 Cents per pound reported in the prices of Polypropylene, PVC and Polystyrene.
West Texas Intermediate and Brent Crude fell to $78.18 and $83.55 per barrel respectively, reductions of 7.7% and 5.0%.
Global oil prices slipped back over the week but lifted on Friday due to ongoing uncertainty over negotiations that will determine the control of the Strait of Hormuz.
Iran and Oman are said to have agreed on the route ships would take through the strait, which lies between their two countries. It is unclear if U.S.-flagged vessels, or vessels headed for a U.S. port, will be allowed to pass through.
Iran is seeking fees of between 5% and 7% of the price of cargoes from ships using the strait, a senior Iranian official said. Oman is discussing fees of about 3%, while the U.S. wants no fees at all.
Yemen’s Houthis said they carried out missile and drone attacks on Saudi deployments in Marib and Hadramout in Yemen on Thursday.
U.S. President, Donald Trump told reporters he believed that the war would be over soon.