20 August 2013 22:23 [Source: ICIS news]
HOUSTON (ICIS)--A third major acrylic acid and acrylate esters producer announced on Tuesday its intent to raise US September contract prices based on higher production costs.
BASF said in a letter to customers that it will increase its acrylates prices by 3 cents/lb ($66/tonne, €50/tonne), effective on 1 September, to cover price increases among key raw materials.
Previously, Dow Chemical announced plans to increase acrylates prices by 4 cents/lb, and Arkema notified customers it would raise prices by 5 cents/lb. Dow cited no reason but Arkema noted higher feedstock costs.
At least one buyer has suggested that a full 5 cent/lb increase is unlikely in view of soft market conditions, so the BASF proposal may be nearer the range buyers are willing to consider.
The July range for glacial acrylic acid (GAA) is $1.08-1.12/lb, as assessed by ICIS, but August freely negotiated contract prices are expected to settle flat or slightly lower, some sources said.
US acrylates producers include Arkema, BASF and Dow Chemical.
($1 = €0.75)
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