AOC, LLC (USA) has announced to increase prices on all resin and gel coat products by US$0.05 per pound in the United States, and CN $0.13 per kilo in Canada. The company will also up prices on all products by EUR 0.08/kg in Europe and $0.10/kg in Asia. All the price increases will be effective for shipments on and after June 1, 2009. AOC is a leading global supplier of resins, gel coats, colorants, additives and synergistic material systems for composites and cast polymers.
According to the company, the reason for the spike in prices is the tightening of crude supply led by OPEC production cuts. This, the company indicated, has resulted in the 40% increase in crude oil price, hovering above US$50/barrel currently. This surge in prices has resulted in increase of raw material costs and trimming margins.