25 June 2008 05:57 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan's Ishihara Sangyo Kaisha (ISK) late on Tuesday announced a $150/tonne price increase for titanium dioxide (TiO2) in Asian markets for the second time this month, on the back of higher energy and service costs.
The increase, effective 15 July, comes on the heels of a similar hike announced less than two weeks earlier.
Buyers said it would be hard to absorb such a steep hike, which would increase their TiO2 costs by $300/tonne for the third quarter.
"Since the costs of energy and related goods and services have risen rapidly even after our announcement of a price increase on 12 June, we are forced into the unprecedented position of imposing a second price increase," an ISK spokesman said.
The company said its raw material costs had increased further following the declaration of a force majeure by a major TiO2 ore supplier.
ISK had nominated a $150/tonne price increase for Asian TiO2 for the second quarter of 2008, and has achieved around two-thirds of its target, a second company source said.
Asian TiO2 prices were at $2,175-2,475/tonne CFR (cost and freight) ?xml:namespace>
ISK's plants at
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