24 November 2010 16:59 [Source: ICIS news]
SABIC would raise the price of its ABS-based resins by 9 cents/lb ($198/tonne, €149/tonne) and its PC-based resins by 16 cents/lb effective 20 December, or as contracts allow, distributors said.
Sources at SABIC did not immediately provide information on the increases.
Market sources expressed surprise at the price hikes, saying PC supply-demand fundamentals have remained stable and there was little room in the market for the price increases.
Several distributors said part of the PC price increases might go through but it was unlikely the hikes would go through fully.
Current prices for PC in the US Gulf were at 150-165 cents/lb for extrusion or moulding material, as assessed by ICIS.
SABIC’s price increase on ABS was met with less skepticism by distributors and buyers.
Strong demand for ABS in Asia has kept import availability low, sources said, which has created room for a price increase in the US Gulf market even though demand-supply fundamentals remain stable.
ABS prices increased in the US Gulf by 3-4 cents/lb for the week ended 19 November, to 129-146 cents/lb for extrusion material and 120-136 cents/lb for injection material, as assessed by ICIS.
($1 = €0.75)
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