05 May 2010 17:37 [Source: ICIS news]
Correction: In the ICIS news story headlined “Dow Chemical targets prices hikes for Europe May PS, ABS, SAN” dated 5 May 2010, please read in the ninth paragraph … in May … instead of … in April…. A corrected story follows.
LONDON (ICIS news)--Dow Chemical has announced price increases of €40-70/tonne ($52-91/tonne) for polystyrene (PS), acrylonitrile-butadiene-styrene (ABS), and styrene acrylonitrile (SAN) for May, the ?xml:namespace>
The announcement was made shortly after the May styrene contract was settled at €1,145/tonne, down by €5/tonne from April.
The styrene barge contract was settled on a free delivered (FD) northwest
PS prices had increased by €100/tonne in April, leaving general purpose PS (GPPS) net levels trading at €1,280-1,300/tonne FD NWE.
April’s ABS price was pegged at €1,760-1,790/tonne FD NWE for compounding grade, according to ICIS pricing, up €130/tonne from March, while SAN compounding grade was at €1,710-1,740/tonne FD NWE, up by €120/tonne.
The April styrene monomer contract had risen by €103/tonne, leading to big price spikes in April downstream products, whereas the May styrene contract had dropped by €5/tonne, leading some buying sources to doubt whether prices would rise.
However, PS availability was tight, and Wednesday’s declaration of force majeure on general purpose PS by INEOS NOVA was expected to maintain the tightness and keep prices firm.
The ABS market was also tight, while the SAN market was described as balanced.
Dow said its targeted price increases in May would be €40/tonne for GPPS, €50/tonne for high impact PS (HIPS), €40/tonne for SAN and €70/tonne for ABS.
The price increases would be applicable across the European, Middle Eastern and African regions, Dow added.
($1 = €0.77)
Additional reporting was provided by Amandeep Parmar
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