11 March 2011 17:39 [Source: ICIS news]
HOUSTON (ICIS)--US melamine producer Cornerstone Chemicals proposed on Friday a 5 cent/lb ($110/tonne, €80/tonne) increase, effective on 1 April.
Cornerstone, formerly part of Cytec Industries, attributed the increase to strong melamine demand and higher costs for upstream feedstock ammonia.
The price of benchmark Tampa (US Gulf) ammonia for March is $545/tonne CFR (cost and freight), up $30/tonne from February.
After a year of quarter-after-quarter increases, Cornerstone will have difficulty getting this increase accepted, a buyer said.
Cornerstone operates an 80,000 tonnes/year melamine plant near Fortier, Louisiana.
Cornerstone is a unit of Florida-based HIG Capital.
($1 = €0.73)
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