13 December 2013 17:06 [Source: ICIS news]
HOUSTON (ICIS)--BASF is proposing price increases for all grades of expandable polystyrene (EPS) sold in the US and Canada by 4 cents/lb ($88/tonne, €64/tonne), effective on 1 January, according to a notice to customers on Friday.
The increase is identical to one announced by Polioles in Mexico earlier in the week. Polioles produces the EPS that BASF sells in the US and Canada.
While the notice to customers offers no reason for the proposed increase, sources have said it is likely based on higher feedstock costs. Benzene contracts for December rose by 9% in a split setlement at $4.48-4.49/gal. Styrene prices for December are also expected to move higher.
It was not clear if other US or Canadian producers had made similar price increase proposals.
Before any proposed increase, US EPS prices were assessed by ICIS at 100-105 cents/lb DEL (delivered) for block material and 98-103 cents/lb DEL for package material.
Major North American EPS producers are BASF, NOVA Chemicals, Flint Hills Resources, Styrochem, Nexkemia, Polioles and Polidesa.
($1 = €0.73)
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