BASF announces further price increases

By Katie Bird

- Last updated on GMT

Related tags: Price increases, Dow chemical company

Chemical giant BASF has announced further price rises which will
affect three of its products used in cosmetics and packaging.

The move closely follows the Germany-based company's decision to increase the prices for its cosmetics polymers earlier this month. Terluran (ABS) Commodities and Styrolux (SBC polymer) will be affected by the move and prices will rise by €100 per metric ton. In addition the gross market price for polystyrene will increase by €50 per metric ton. Unprecedented increases in costs​ According to the company the move is due to the unprecedented increases in raw material, energy and transportation costs. Such measures are becoming increasingly common in the ingredients supplying business and it remains to be seen how the finished product manufacturers will react to the changes. Earlier in the month BASF announced a 30 per cent rise in its prices for cosmetic polymers which came into force on June 15. Waves of price increases in recent months​ US competitor Dow Chemical has already implemented one wave of price hikes, with a second to come into force at the beginning of next month. Similar difficulties with rising raw material and fuel costs were behind the changes and also led the company to introduce a series of freight transport charges. From August 1, a freight surcharge of $300 per truck shipment and $600 per rail shipment will be put in place. Dow said transport charges will be implemented in other geographical regions later in the year. In addition the company said that some manufacturing plants will go idle or reduce production under the weight of higher oil prices and a slowdown in the market. Other major suppliers that have implemented significant price increases recently include Rohm and Haas, Cognis and Croda.

Related topics: Business & Financial, Packaging

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