Dow Chemical states: Once the Strait of Hormuz reopens, the recovery of petrochemical product flows will be very slow

Fitterling stated that due to the Iran war, approximately 20% of the world's petrochemical production capacity has come to a standstill, with key petrochemical feedstocks such as naphtha trapped inside the Persian Gulf. Since the outbreak of the war, the growth in demand for polyolefins has driven a significant increase in the prices of their raw materials, ethylene and propylene. Spot polymer-grade propylene has surged by nearly 50%, while ethylene prices have soared by over 60%.