Styron Europe has announced a price increase of Eur25/mt ($31.99/mt) in its November polystyrene contract prices, the company said in a statement Wednesday.
The price hike will be applied to all of Styron's general purpose grade PS and high impact grade PS products. No details were provided on the fixed price of the contract but Platts assessed GPPS net prices at Eur1,540/mt and HIPS net prices at Eur1,670/mt FD NWE on October 31.
Styron cited a need to recover margins due to the volatility of raw material costs to enable the company to continue current levels of production and investment in its PS business as the primary reason for the increase. Feedstock costs based on contracts into November, however, were marginally lower.
On Monday, the NWE styrene monomer contract price for November was fully settled at Eur1,413/mt FOB ARA, a decrease of Eur5 over the October contract. The CP was concluded between Total and Ineos, and Shell and Synbra.
Styron is not the first PS producer to announce a hike in its November prices. On Monday, Styrolution raised its November PS CP prices by Eur15/mt.
