06 March 2008 23:34 [Source: ICIS news]
HOUSTON (ICIS news)--US caustic soda producers successfully pushed through a 10% price hike for February contracts this week, market sources said on Thursday.
The first $50 of what most producers later increased to an $80/DST (dry short ton) (€57/tonne) price hike nomination for February contracts was implemented this week with little resistance from buyers, participants said.
Success of the first $50 increase was widely expected in the market amid critically tight global supply conditions and fast-rising spot prices.
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While producers said they would seek to raise prices by an additional $30/DST before month’s end, buyers said they would staunchly resist the second part of the hike because it was a result of an exaggerated caustic soda supply forecast.
US caustic soda producers include Dow Chemical, Occidental Chemical, Olin, PPG Industries,
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