China Fiberglass raised the 2011 ex-factory prices of its fiberglass products by between 7% and 12% on stronger demand, the company said in a filing, according to which the price rise will have an imp…
China Fiberglass raised the 2011 ex-factory prices of its fiberglass products by between 7% and 12% on stronger demand, the company said in a filing, according to which the price rise will have an impact on the company“s 2011 performance. China Fiberglass currently holds a 50% market share in the domestic high-end fiberglass market. The company achieved a more than 50% year-on-year growth in revenue in the first three quarters to CNY 3.35 billion. Northeast Securities estimates that China Fiberglass“ production may hit 800,000 tons in 2010, 900,000 tons in 2011 and one million tons in 2012. The company“s production capacity may total 1.5 million tons in future and obtain a 30% share of the global fiberglass market. Meanwhile, Jushi Group, a subsidiary of China Fiberglass, is currently negotiating to acquire its exclusive distributor in the US, GIBSON Fiberglass. At present, Jushi Group has sales outlets in 74 countries and more than 4,000 customers throughout the world.