20 January 2011 21:21 [Source: ICIS news]
The company sent a letter to its customers justifying the increase, citing continuous increases in the supply chain of aromatic feedstocks required to produce its general-purpose PS (GPPS) and high-impact PS (HIPS) resins.
This increase is in addition to others implemented on 1 December and 1 January, when the company sought 4 cents/lb each time.
The price of feedstock benzene has shown great volatility in recent weeks, with contract prices rising to $3.84/gal in January from $3.28/gal in December.
January benzene spot prices have since continued to rise and stand at $4.20-4.30/gal FOB (free on board), as assessed by ICIS.
Prior to the February increase, price levels in
A 15 cent/lb increase in polypropylene (PP) prices implemented in January was lending support to the PS hike by diminishing substitution risks, sources said. PP competes directly with PS in many applications.
Other PS producers in
($1 = €0.74)
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