Albemarle to raise bromine chemical prices
Albemarle Corp., a manufacturer of bromine and bromine derivative chemicals, will increase the price of elemental bromine to $1500/mt minimum effective Oct. 1, or as contracts allow. This price increase will be applied in all regions...
BATON ROUGE, LA, Aug. 31, 2004 (PRNewswire-FirstCall) -- Albemarle Corp., a manufacturer of bromine and bromine derivative chemicals, will increase the price of elemental bromine to $1500/mt minimum effective Oct. 1, or as contracts allow. This price increase will be applied in all regions.
Availability of bromine has become tenuous: Global capacity has declined significantly since 2002, while demand has grown at a rate faster than the historical average. Inventories are currently at historical lows and the available supply is insufficient to meet the market demands.
"Albemarle is committed to ensuring a secure supply of bromine for its external customers and internal needs, as evidenced by our joint venture investments in Jordan for both elemental bromine and derivatives," said Ron Gardner, Albemarle global business director for performance chemicals. "Our Chlor alkali investment in Jordan, scheduled for start-up before year end, will increase the reliability of this new source and help ensure that adequate quantities of bromine will remain available to meet the needs of our bromine and bromine derivative customers."
Bromine is used in the manufacture of pharmaceuticals, fire retardants, water treatment chemicals, insect repellents, photographic chemicals, perfumes, dyes, oilfield completion fluids and other chemicals.
Albemarle Corporation, headquartered in Richmond, Virginia, is a leading producer of specialty chemicals for consumer electronics; transportation and industrial products; pharmaceuticals; agricultural products; and construction and packaging materials. The company's three business segments, Polymer Additives, Catalysts and Fine Chemicals (which includes custom manufacturing services for the life sciences market) serve customers in more than 100 countries, generating annual revenue of approximately $1.75 billion. The company website is at www.albemarle.com.