02 November 2012 17:40 [Source: ICIS news]
HOUSTON (ICIS)--Venezuela polystyrene (PS) producer Estirenos del Zulia (Estizulia) is seeking 5% increases for all grades effective 1 November to offset rising raw material costs, a company source said on Friday.
Although the increase in raw material costs was more than the 5% transferred to PS resin prices, the hike was capped at that level.
Before the increase, general purpose PS (GPPS) prices in Venezuela were in the range of $3,663-3,779/tonne (€2,821-2,910/tonne) FOT (free on truck), while high impact PS (HIPS) prices were in the range of $3,974-4,102/tonne FOT, according to ICIS data.
Polystyrene production was normal in Venezuela, with good inventories of raw material and timely arrival of feedstock shipments.
Prices in Venezuela remain the highest in the world, and work only for the domestic market. Those prices are not competitive outside the country.
PS demand is seen as steady in the country and improved after the recent presidential elections.
($1 = €0.77)
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