Reichhold Inc announced price increases of $ 0.10 per pound on all unsaturated polyester and vinyl ester resins sold in North America for the composites industry.
This increase is effective for all orders shipped on or after June 16. Furthermore, the price of unsaturated polyester and vinyl ester resins sold in steel drums will be increased an additional $0.04 per pound effective June 16.
"Raw material, steel, transportation and energy costs continue to escalate to unprecedented levels, resulting in the need to increase resin prices in order to partially offset the impact of these dramatic price increases," said Al Naser, Reichhold vice president of sales, Composites North America.
"Crude oil is trading at $130 per barrel; diesel fuel is approximately $4.50 per gallon; and since January, the cost for cold rolled steel has almost doubled and the cost for natural gas has increased 70%," Naser continued.
"Despite a soft North American economy, strong global demand and reduced inventories of these materials have caused prices to continue their upward trend," Naser added.
"Reichhold is making every effort to limit the impact of rising costs upon product pricing, and appreciates the understanding of its customers," Naser said.
"We continue to invest in research and development, alternative materials, and manufacturing process improvements to add value for our customers and increase their competitiveness in the markets they serve," he concluded.
This increase is effective for all orders shipped on or after June 16. Furthermore, the price of unsaturated polyester and vinyl ester resins sold in steel drums will be increased an additional $0.04 per pound effective June 16.
"Raw material, steel, transportation and energy costs continue to escalate to unprecedented levels, resulting in the need to increase resin prices in order to partially offset the impact of these dramatic price increases," said Al Naser, Reichhold vice president of sales, Composites North America.
"Crude oil is trading at $130 per barrel; diesel fuel is approximately $4.50 per gallon; and since January, the cost for cold rolled steel has almost doubled and the cost for natural gas has increased 70%," Naser continued.
"Despite a soft North American economy, strong global demand and reduced inventories of these materials have caused prices to continue their upward trend," Naser added.
"Reichhold is making every effort to limit the impact of rising costs upon product pricing, and appreciates the understanding of its customers," Naser said.
"We continue to invest in research and development, alternative materials, and manufacturing process improvements to add value for our customers and increase their competitiveness in the markets they serve," he concluded.
