15 March 2013 10:07 [Source: ICIS news]
LONDON (ICIS)--European polymethyl methacrylate (PMMA) producer Lucite International is seeking a €120/tonne ($156/tonne) price hike on the back of increased production costs, and to regain margin following recent price falls, a source from the company said on Friday.
“We are announcing a €120/tonne increase on PMMA, for all deliveries after 8 April,” the source said.
“Over recent months, we have absorbed rising input costs against a backdrop of reducing prices. We cannot sustain further cost increases without some recovery on price.”
The company has the capacity to produce 30,000 tonnes/year of PMMA from its Rozenburg, Netherlands site.
PMMA prices have been falling since the third quarter of 2012 on poor demand and oversupply, as consumer confidence has been sapped by eurozone debt concerns.
European PMMA first-quarter contracts fell by €0.10-0.20/kg from the previous quarter on poor demand in a well-supplied market.
($1 = €0.77)
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