03 March 2004 17:20 [Source: ICIS news]
LONDON (CNI)--Resolution Performance Products (RPP) said Wednesday it is seeking to raise the European prices of epoxy resins by Euro150/tonne from 1 April.
Similar announcements have been made for other markets.
A company source told CNI the European hikes would be about 7-10% over current selling prices.
For BPA, an independent market source said the market is unlikely to accept the hike fully. For ECH, another source said the proposed hike is not likely to be achieved.
Ian Harris, business manager of major resins for Europe, Middle East & Africa (EMEA) at RPP, commented: “Epoxy demand through Europe has been declining in recent years through the global downturn, leading to depressed pricing at all time historic low points. Combined with a sustained high position of raw materials, margins for epoxy producers reached unsustainably low levels recently.”
He added: “However, the tide is now turning. Epoxy demand has picked up, and there are even some global shortages in both precursors and epoxies. Prices are already rising in Asia, and we are taking up our prices in EMEA.”
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