SABIC to raise PP prices in Europe by 75 euro/mt
July 20, 2007
SABIC Europe announced today that it will raise the price for SABIC® PP in Europe by 75 Euro/mt, as of July 1st. “The European demand for SABIC® PP materials remains very high”, says Eric Hogenboom, Business Unit Director SABIC Europe PP M&E, “ and the world market is also showing strong demand for our products”.
“Recently reported outages and closures of PP plants have increased the pressure customers put on us to deliver more product” he adds. “This goes for all the major industry sectors in which we are present. Scarce availability of transport capacity adds to this pressure”.
Mark Neville, Business unit Director SABIC Europe PP Automotive: “Also for SABIC® PP material in Europe sold to the global automotive industry, SABIC will not be able to ignore the market situation and price increases cannot be avoided”
In the short term SABIC is not forecasting any increased availability of PP materials and expects that the demand for SABIC® PP will remain at the current high level.