The company Ineos Styrolution, “daughter” of large European producer of petrochemical products by Ineos, announced to customers in North America in August to raise the prices of all brands of polystyrene (PS), told ICIS.

Thus, the increase in prices came into force on August 1 of this year and amounted to 2 cents per pound (USD0,044 per kg or USD44 per tonne).

The company attributed this increase in PS prices increased production costs and costs in the supply of PS resins.

Two other major producer of PS at the end of last week, too, were going to raise the price of 2 cents per pound in August, but none of them have not yet made an official statement.

Apart from Ineos Styrolution, other polystyrene producers in North America are Americas Styrenics, Group Idesa, Resirene and Total Petrochemicals USA.

According to the price review ICIS-MRC, polystyrene prices declined on the Russian market last week. Decrease was observed both on import and on the Russian marks SS. Traders said the reason for the lower prices on the market were imported polystyrene volumes coming into Russia.

In January 2016 Styrolution has decided to change its name to Ineos Styrolution. As reported by the MRC earlier, in June 2014 the company Ineos has closed a deal to acquire a 50% stake in BASF joint venture between the two companies – Styrolution. The cost of the transaction amounted to EUR1,1 billion. Thus, upon completion of the transaction Ineos has become the absolute owner of Styrolution. Sale of shares in BASF Styrolution is part of the shareholders’ agreement concluded in 2011.