29 January 2013 16:47 [Source: ICIS news]
LONDON (ICIS)--An acrylic acid (AA) producer in Europe said on Tuesday that it is seeking a €200/tonne ($270/tonne) increase across its AA/acrylate esters chain for February contracts, due to higher raw material costs in the US and a need to recover margins.
The producer said its prices are on the low end because of end-of-year destocking and the apparent need of some producers to move volume.
A source from the company said: “Current price levels are not sustainable and we need to have an urgent recovery of margins in order to keep investing in the business.”
The producer said increases would certainly continue through March. “I would not be surprised if [hikes of] at least €200/tonne plus any possible propylene increases are achieved during this period,” the source added.
($1 = €0.74)
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