July 21, 2026 — Oil prices fell sharply as market expectations grew for the reopening of the Strait of Hormuz. WTI crude futures dropped below the $70/barrel key support level, with Brent crude also declining in tandem.
The oil decline has directly eased pressure on plastic raw material costs. Domestic LLDPE futures settled around CNY 7,029/ton, PP futures near CNY 7,454/ton, and PVC futures around CNY 4,439/ton. According to SCI99, China's PE market experienced seasonal price drops in June, with further downside risk for July pricing.
Globally, the PP meltblown fabric market is expected to reach $8.8 billion in global sales in 2026, with a CAGR of 3.1% through 2032. The Asia-Pacific region remains the largest consumer market, followed by North America and Europe.
India's GAIL (Gas Authority of India Limited) issued its July pricing showing broad cuts across PP/HDPE/LLDPE grades, while HMEL (Hindustan Petroleum Mittal Energy Limited) simultaneously launched price protection programs for PP/HDPE/LLDPE to hedge market volatility.
With cost-side support weakening and the summer demand off-season continuing, domestic general-purpose plastics markets are expected to remain in a weak consolidation pattern in the near term.
