31 August 2012 17:06 [Source: ICIS news]
Correction: In the ICIS story headlined “US Occidental proposes $70/dst increase for caustic soda” dated 31 August 2012, please read in the third paragraph … $500-570/dst … instead of … $500-700/dst …. A corrected story follows.
HOUSTON (ICIS)--US chlor-alkali producer Occidental Chemical (OxyChem) has proposed an increase of $70/dst (dry short ton) (€62/dry metric tonne (dmt) for all grades of caustic soda, effective immediately or as contracts allow, a company source said on Friday.
The nomination by OxyChem comes after two similar ones made the week before by Dow Chemical and Formosa. Another major chlor-alkali producer is said by market participants to have made an announcement, but that has not been confirmed.
US contract prices for caustic soda are assessed by ICIS at $500-570/dst.
Producers have said that the outlook is for continued tightness in the caustic soda market, exacerbated by shutdowns at Gulf coast plants in preparation for Hurricane Isaac.
But buyers have resisted, saying they see plenty of material available.
($1 = €0.80)
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