18 December 2012 16:41 [Source: ICIS news]
LONDON (ICIS)--Germany-based producer BASF has announced an €80/tonne ($105/tonne) increase in its price of ethanolamines with immediate effect or as existing contracts will allow, a company source confirmed on Tuesday.
In relation to the price announcement, the company source said: “Margins are way off from being sustainable. There was an overcapacity of MEO, but there has been lots of supply issues and our competors can’t deliver. Business is going much better than we thought and we have the wind in our sales.”
BASF is also expecting customers to restock in January.
The announcement follows an increase announced by US-based producer Dow to its customers last week. Dow intends to lift its prices in January by €100/tonne for similar reasons.
BASF produce ethanolamines in Ludwigshafen, Germany and Antwerp, Belgium. Dow produces material in Louisiana and Texas in the US and exports to Europe.
($1 = €0.76)
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