22 July 2011 19:53 [Source: ICIS news]
The increase for general purpose polystyrene (GPPS) will be 4 cents/lb ($88/tonne, €62/tonne) while high impact polystyrene (HIPS) will have a 5 cent/lb increase, the source said.
The company justified the move on increased volatility in crude oil, and energy markets that have affected the raw materials required in the manufacture of PS resins, particularly styrene and butadiene.
Benzene spot price discussions were last heard at $3.70-3.75/gal FOB (free on board), up from $3.68-3.75/gal FOB on Wednesday, following rising crude futures.
Styrene spot prices have increased from an average of 62 cents/lb on 1 July to an average of 64.25 on 15 July on rising crude oil values, according to ICIS.
However, butadiene prices finished last week at an average of 202.5 cents/lb, down from an average of 217.5 cents/lb the previous week.
$1 = €0.70
For more on polystyrene visit ICIS chemical intelligence
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