Several PET, polystyrene and unsaturated polyester resin makers announced price increases, blaming higher costs for raw materials. Eastman Chemical Co. of Kingsport, Tenn., said May 31 it will raise prices for its PET bottle-grade resins by 4 cents per pound, effective July 1, because of significantly higher prices for paraxylene, a feedstock used to make terephthalic acid. Prices for paraxylene jumped to an all-time high of 36 cents per pound in the second quarter because of strong demand. Meanwhile, prices for ethylene glycol, another PET feedstock, also have continued to rise.
Other PET manufacturers said they are studying the prices for feedstocks and Eastman's announcement to determine what action they might take.
Meanwhile, the Reactive Polymers Division of Reichhold Chemical Co. of Research Triangle Park, N.C., and Alpha/Owens Corning of Colliersville, Tenn., announced price increases for their thermoset unsaturated polyester resins.
Reichhold announced in-creases of 4-7 cents per pound, effective May 29, while Alpha-Owens Corning announced increases of 5-7 cents per pound, effective June 12.
Other unsaturated polyester suppliers said they are studying their costs and prices.
In PS, producers are attempting to raise prices by 2 cents per pound June 1. That increase originally was part of a 4 cent price hike set for May 1 but, because of market conditions in May, producers only put into effect half of the announced increase.