Nova to raise European EPS prices by DM0.30/kg from 1 Sep
02 August 2001 16:03 [Source: ICIS news]
LONDON (CNI)--Nova Chemicals has told customers it is raising prices for expandable polystyrene (EPS) in Europe by DM0.3/kilogramme from 1 September, a source in the Canadian-headquartered company said Thursday.
The move, which follows news last week that BP also plans to raise EPS prices, is being sought in response to sharp decreases in EPS prices, which have hit margins in recent months.
As reported by CNI, Anglo-American group BP plans to raise EPS prices by DM0.30/kg from 1 September.
Nova is desperate to raise EPS prices following its disastrous financial results for Q2-2001. It reported a $23m (Euro26.1m) second quarter loss before unusual items compared with a profit of $96m last time because of weakness in its styrenics business.
The proposed price increases by Nova and BP indicate a general move by producers to halt the downward trend in EPS prices. July prices for block EPS are currently DM1.80-1.90/kg, according to CNI's sister pricing service ICIS-LOR. These prices are expected to remain steady through August, according to market sources.
By: Anna Jagger
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