03 February 2011 12:25 [Source: ICIS news]
LONDON (ICIS)--Styron is targeting an increase of €110/tonne ($153/tonne) for its February polystyrene (PS) business in Europe, a source with the styrenics producer said on Thursday.
A third contract was agreed on 2 February at €1,310/tonne, up €105/tonne from the previous month.
PS buyers were becoming increasingly frustrated by price hikes. They had already paid increases of €100-130/tonne in January, and general purpose PS (GPPS) prices in the distribution sector had risen to record highs of €1,450-1,480/tonne FD NWE at the end of January.
In January 2009, prices had been as low as €730-750/tonne FD NWE.
“They are killing their own market,” said one buyer.
GPPS is used widely in the food-packaging sector.
($1 = €0.72)
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