STERLING FIBERS TO HIKE ACRYLIC PRICES 8 TO 15%
NEW YORK — Citing rising natural gas and raw-material costs, Sterling Fibers Inc. said it plans to raise the price of its commodity acrylic fibers by 8 to 15 percent, beginning April 1.
The Pace, Fla.-based company said the move was “driven by the need to restore acrylic fiber prices to more acceptable levels.” A year ago, the company made a similar announcement, then seeking to raise its prices by 5 to 11 percent.
For almost two years now, high petroleum costs have had fiber makers scrambling to try to raise their selling prices to preserve their margins. However, in recent months the runup in natural gas prices has started to affect yarn spinners and fabric mills, as well, with some reporting four- and five-fold increases in their energy costs.
The Californian textile industry, booming until recently, has been particularly affected by that state’s energy crisis, with some companies talking about closing up shop and waiting out the tough times.