INEOS Styrolution seeks big hikes on polystyrene (PS) prices after the tripe-digit spike in the styrene contract in November.
While styrene increased around €230/mt, INEOS is seeking an increase of €300/mt on GPPS in November. A surcharge of €120/mt will apply on HIPS.
The announced increase is somewhat higher than the increase in the monomer contract. This is most likely to do with the need to recover the recent increases in utility costs.
A jump in gas and electricity prices during the past few weeks caused a big surge in utility costs for all polymer producers.
In response to the increases in utilities, some polymer producers announced surcharges.
And while not all companies announced surcharges, November is likely to see price movements reflecting the the higher cost of utilities.