12 June 2013 21:18 [Source: ICIS news]
HOUSTON (ICIS)--US chemical maker Cornerstone Chemical Company on Wednesday nominated a 5 cent/lb ($110/tonne, €83/tonne) price hike for melamine for the third quarter.
Louisiana-based Cornerstone said it will increase melamine prices effective on 1 July, or as contracts allow.
Contract prices for melamine for the second quarter as assessed by ICIS were in a range of 80-90 cents/lb.
The company cited tight supply and strong demand as factors contributing to the increase.
Buyers have said they are targeting a rollover for the quarter, after back-to-back price increases in the first and second quarters.
While supply has been tight in the second quarter with production problems at both Cornerstone's Louisiana plant and the Methanol Holdings (Trinidad) Limited plant in Trinidad and Tobago, buyers said they expect supply to loosen in the third quarter with more material coming from Europe.
Cornerstone, the only North American producer of melamine, operates a 60,000 tonne/year melamine plant at Waggaman, Louisiana.
Major markets for melamine include laminated wood products and surface coverings.
($1 = €0.75)
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