Qimei Zhenjiang raises prices by RMB 900/MT; ABS and PP spot prices jump RMB 400/MT, PE rises RMB 300/MT across the board today… US-Iran tensions flared up again! Shipping data shows traffic through the Strait of Hormuz has hit rock bottom. Statistics reveal no LNG tankers have been spotted transiting the strait since July 16. Iran claimed on the 19th that shipping volume in the Strait of Hormuz has fallen to zero, and any vessel attempting to cross will be targeted. Four ships tried to pass on that day: two were intercepted, and the other two aborted their voyage. The worsening strait crisis has sent shockwaves rippling through global energy markets. Brent crude rebounded from around USD 70 to nearly USD 90 within 20 days. Capital Economics issued an even more aggressive forecast in its latest report, warning that if the Strait of Hormuz remains closed for an extended period, Brent crude could surge to USD 150 per barrel. Domestic chemical futures rallied across the board today: Benzene rose 7.12%, crude oil up 6.30%, propylene +5.08%, styrene monomer +4.63%, polypropylene +4.51%, PVC +4.34%, plastics +3.36%, with paraxylene, PTA and polyester chips posting moderate gains. Plastics market prices saw broad gains today. Driven by higher prices of three key ABS feedstocks, manufacturers including Tianjin Dagu, Ningbo LG Yongxing, Shandong Lihuayi, Liaoning Jinfa, Rongsheng Petrochemical and Qimei Zhenjiang lifted ex-factory prices by RMB 100–900/MT. Traders offered higher quotations, yet buyers resisted expensive cargoes. ABS prices are expected to fluctuate at elevated levels tomorrow.
Post time: Jul-24-2026