Styrolution announced a 3-cent/lb ($66/mt) increase on all US polystyrene resins, effective January 1, a company source said Wednesday.
Styrolution's move followed an announcement by Americas Styrenics Tuesday that it would raise its US transaction prices for all general purpose and high impact polystyrene grades 3 cents/lb, effective January 1, according to a letter sent to customers and confirmed by a company source Wednesday.
Total also announced a 3-cent/lb increase on US polystyrene prices for January 1, sources said.
Higher feedstock costs were cited as the reason for the increases, specifically benzene, sources said.
US spot benzene has continued to rise over the last month, assessed at $5.25/gal ($1,569.75/mt) FOB US Gulf Coast Tuesday and heard around the same level Wednesday. The December US benzene contract price settled up 3 cents to $4.93/gal, sources said, with expectations that the January benzene contract price will rise over $5/gal.
Feedstock styrene was assessed at 73.50 cents/lb ($1,620/mt) FOB USG Tuesday and heard around 73-74 cents/lb FOB USG Wednesday.
GPPS was last assessed at $1.09/lb delivered rail car December 12 and heard in a range from $1.08-$1.10/lb delivered Wednesday, while HIPS was last assessed at $1.20/lb delivered rail car December 12 and heard near $1.20/lb delivered rail car Wednesday.
In related news, BASF announced Tuesday it will raise prices for all grades of its Styropor expandable polystyrene by 3 cents/lb in the US and Canada, according to a letter sent to customers and obtained by Platts Wednesday.
