24 September 2010 23:56 [Source: ICIS news]
HOUSTON (ICIS)--US polystyrene (PS) prices rose by 2 cents/lb ($44/tonne, €33/tonne) in September on higher feedstock costs and balanced fundamentals, sources said on Friday.
However, some processors would not see the hike until October due to contract terms.
PS suppliers had originally nominated 4 cent/lb hikes, but a producer announced a 2 cent/lb temporary voluntary allowance (TVA) accompanying the initiative, sources said.
PS buyers were uncertain over the eventual implementation of the pending 2 cent/lb TVA, and suggested the 2 cent/lb balance would be postponed to October or later.
One supplier had said it intended to leave options open for any decision on the remaining 2 cents/lb, as costs were biting into margins.
The sources indicated they were concerned that higher PS prices in the still-weak ?xml:namespace>
The price of domestic general-purpose bulk PS was assessed by ICIS at 82-85 cents/lb, after the increase.
US PS producers are Americas Styrenics, INEOS NOVA and Total Petrochemicals.
($1 = €0.75)
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