RESEARCH TRIANGLE PARK, N.C. – Marine resins manufacturer and supplier Reichhold will increase its prices $.07 per pound on all unsaturated polyester resins sold in the U.S. and Canada effective for orders shipped on or after Aug. 5, according to a company press release.
The increase is in addition to a previously announced $0.05 per pound increase for all orders shipped on or after July 15, Reichhold said.
“We are currently absorbing raw materials increases on a monthly basis,” said Bruce Fawcett, Reichhold senior vice president, commercial. “More often than monthly for some products. And, we’re seeing it on all fronts, essentially every category of raw materials used in the production of polyester resins.”
The cost of benzene for July deliveries settled at a new record high price for the second month in a row, a two-month increase of 33 percent and a 98-percent increase in 2004. Benzene is a key component of styrene, a key UPR raw material, according to the company.
Fawcett also cited continued challenges in transportation costs, which have been difficult for resin producers to absorb.
“Even with the frequency of increases we’ve announced in 2004, those increases have not off-set the continued escalation of raw material costs,” Fawcett said. “We thank our customers for their understanding of the current situation. We encourage them to contact their local Reichhold representative if they have any questions regarding this increase.”