22 October 2012 21:54 [Source: ICIS news]
HOUSTON (ICIS)--US polystyrene (PS) producer Styrolution informed customers it will implement a price increase of 5 cents/lb ($110/tonne, €85/tonne) for all grades of PS, effective on 1 November, sources said on Monday.
In a 19 October letter to customers, the company cited "unprecedented increases in primary feedstock costs", according to a copy of the letter obtained by ICIS.
US benzene spot prices achieved record highs on Friday, with spot prices being discussed at $5.10-5.80/gal DDP (duty, delivered paid), based on continued tightness in supply.
With feedstock prices rising, market participants had been expecting a price increase for November. Other producers were expected to follow with their own price increase announcements, sources said.
Demand for PS remains fairly strong, particularly with tight supply related to problems shipping feedstock to some PS plants, sources said.
Before any increase, US PS prices are assessed by ICIS at 94-98 cents/lb for bulk general purpose polystyrene (GPPS) and 104-108 cents/lb for bulk high impact polystyrene (HIPS).
Major North American PS producers are Styrolution, Total Petrochemicals, Americas Styrenics and Resirene.
($1 = €0.77)
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