Just two weeks ago, the question was whether the renewed war premium in crude oil could finally put a floor under polymer markets after months of relentless declines. Brent crude extended its rally far beyond expectations, climbing from the mid-$80s/bbl in H1 July to briefly settle above $100/bbl on July 23 as geopolitical tensions in the Middle East intensified. This visibly shifted the sentiment upwards in Asia including China, Southeast Asia and India as well in Türkiye and Egypt while the slump slowed down in Europe...
Europe’s long-running ethylene cartel dispute has returned to the spotlight after Dow Europe filed a €1.1 billion damages claim against four companies accused of manipulating Europe’s ethylene benchmark price. The lawsuit is the latest in a series of civil actions stemming from the European Commission’s 2020 decision that found Clariant, Celanese, Orbia and Westlake had coordinated their ethylene purchasing strategies between 2011 and 2017 to influence the Monthly Contract Price (MCP)...
Türkiye’s polymer markets had turned lower after staging a sharp rally in March and April, driven by a combination of war-related physical supply disruptions, soaring freight rates, and panic buying. Unlike polyolefins, however, PVC prices joined the uptrend only in March before entering a downturn earlier, while the corrections that began in May for PP and PE turned into a free fall by mid-June...
China’s and Southeast Asia’s PVC markets staged their first meaningful recovery in nearly four months this week as renewed geopolitical tensions in the Middle East triggered a sharp rally in crude oil and restored cost support across the upstream chain. Brent futures soared more than 11% over the past two settlements, while Asian spot ethylene prices on CFR China and CFR Southeast Asia gained around 7-10% so far this week, according to ChemOrbis Price Wizard...
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