BASF is increasing costs for two main polyalcohols in Europe, pointing up tighter worldwide supply-demand dynamics and higher raw material costs.
Effective instantly, or as existing contracts allow, the chemical giant will increase the price of neopentylglycol (NPG) by €250 per metric ton and 1,6-hexanediol (HDO) by €300 per metric ton.
BASF mention the increase are required to respond to market conditions even as maintaining product and service standards.
“The price increase is driven by the global supply-demand scenario and increasing raw material costs. It is likewise vital to support BASF’s ongoing commitment to giving the highest levels of product and service quality even as supporting the ongoing growth of our customers.”
NPG is broadly used as an intermediate in polyester resins for coatings, unsaturated polyester resins, lubricants and plasticizers.
HDO is used throughout a wide range of applications, including industrial coatings, polyurethanes, adhesives and cosmetics. It is likewise used as a reactive thinner in epoxy systems, together with formulations used in automotive lightweight components.
The move comes as chemical manufacturers and downstream producers persist to contend with volatile raw material costs and shifting global supply-demand conditions.
