29 January 2013 16:43 [Source: ICIS news]
“This increase is necessary to offset the continued rise in our basic raw materials,” the price increase letter said.
Buyers have expected additional calls for increases as the cost of benzene, which is used to produce styrene, moved up through much of 2012. This year, it has been at or above $5/gal.
The letter, signed by David Gingras, vice president and business manager, also noted that the lead time for its ABS is four to six weeks or less.
This is the second increase this year that the company has sought for its ABS.
The initial increase called for a 4 cent/lb hike on 1 January, also citing rising costs for raw materials.
Market sources believe the initial price increase has achieved about 75% success.
($1 = €0.74)
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