02 September 2010 20:40 [Source: ICIS news]
HOUSTON (ICIS)--American Natural Soda Ash Corporation (ANSAC), the export wing of the US soda ash industry, plans to raise its global export contract prices by $30/tonne as of 1 October, sources said on Thursday.
The group said the hike was due to increased demand, saying sales had grown by more than 6% in 2010 and sent production rates higher than expected.
An ANSAC official said the price would apply uniformly across all regions. Many contracts in Asia were settled quarterly, as opposed to longer contracts in other regions, so any price change would most likely be seen there first, the organisation said.
US producers had already announced domestic price increases of $10/tonne for contract customers starting in 2010. Buyers and sellers are currently negotiating prices for 2011 contracts.
Domestic contract prices for 2010 were settled at $135-175/tonne.
In Asia, soda ash spot prices rose by $5/tonne during the week ended 1 September to $200-210/tonne CFR (cost and freight) NE Asia, amid tighter Chinese supply and increased ANSAC offers in the region.
The ANSAC official declined to describe its current export contract price levels, but said spot prices were a leading indicator of contract prices.
($1 = €0.78)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections