Market Update as of 24 April 2026

The Market Update as of 24 April 2026 for Prime, Recycled, and Scrap Plastics reports prime virgin prices sourced from major Chinese polymer market websites. Prices are quoted in RMB and include VAT, based on an exchange rate of USD 1 = RMB 6.8321.

Crude oil prices closed the week in New York at USD 94.40 per barrel. The trajectory of global energy markets remains entirely hostage to the ongoing conflict between the U.S. and Iran, which has fundamentally restructured global price floors. Since the outbreak of hostilities on 28 February 2026, crude oil prices have surged by approximately 45%, at one point peaking near the USD 120 mark—a staggering increase of more than 75% compared to pre-war levels.

This upward movement has been driven by what the International Energy Agency (IEA) characterizes as the "largest supply disruption in history." While there was brief optimism following a Pakistan-mediated two-week ceasefire agreement announced on 8 April, the "peace dividend" has proved elusive. In reality, the market faced a harsh reality check this week as reports confirmed that the ceasefire remains highly fragile. Attacks on merchant vessels have resumed, and the strategic Strait of Hormuz—which handles 20% of the world's petroleum liquids—remains effectively paralyzed.

It is critical to emphasize that despite intensive diplomatic efforts in Islamabad, there is currently no formal, long-term agreement or signed peace treaty between Washington and Tehran. The situation remains extremely fluid. While a conditional extension of the ceasefire was discussed on 21 April, the "clock is ticking." The U.S. continues to demand the complete, immediate, and safe reopening of the Strait of Hormuz, while Iran maintains that the U.S. naval counter-blockade is a direct violation of the pause in hostilities.

Market Trend & Commentary

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