25 March 2013 23:26 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--Global destocking of titanium dioxide (TiO2) inventories has ended and demand as well as prices should be on the uptick in the coming quarters, the CEO of US-based petrochemical manufacturer Huntsman said on Monday.
Speaking on the sidelines of the International Petrochemical Conference (IPC), Peter Huntsman said his company’s TiO2 division has seen demand pickup in Q4 2012 and Q1 2013 after Q2 and Q3 2012 were “the worst quarters of demand Huntsman has ever seen”.
But the fourth quarter of last year saw Asia return to the TiO2 market and destocking of supplies start to end, he said.
Prices have bottomed out in the first quarter, and the market is poised for growth, Peter Huntsman said.
“Now it’s time for the industry to have the discipline to push through price increases,” the CEO said.
Proposed price hikes have been difficult to take hold, with some buyers saying they still have too much product to accept the increases.
Recent proposed price increases by Kronos and Cristal, both 10 cents/lb ($220/tonne, €170/tonne) and for 1 and 15 June, have been met with stiff resistance from buyers.
Hosted by the American Fuel & Petrochemical Manufacturers, the IPC continues through Tuesday.
($1 = €0.77)
Additional reporting by Larry Terry
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