The company said it would invest in boosting output of the flame retardants in response to high demand
Israel Chemicals Ltd. (TASE: CHIM) today announced that it was raising prices for magnesium hydroxide flame retardants effective December 1, or as contracts allow.
Israel Chemicals said rapid growth for its F-20 series magnesium hydroxide flame retardants required the company to invest in production. These flame retardants are used in plastics applications, including polyolefins and wire and cable.
The price hike for the magnesium hydroxide flame retardants concludes a round of price hikes and output increases by Israel Chemicals carried out this year. The first and largest was a 30% price hike in new potash contracts in India and China. The company also recently raised prices for bromide, a second core business, by 19%. The latest hike for magnesium hydroxide further strengthens forecasts that the company will have strong results over the next two years.
Israel Chemicals' share is at an all-time high. Although the company suffered from delays in the signing of new contracts in China and Brazil early this year, the share rose after the contracts were finally signed.
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