Albemarle Corp. announced it will lift prices on antioxidants used in lubricants, Huntsman Corp. said it will raise prices on polyetheramines used in additives, and Dow Chemical Co. plans to increase prices on certain fluid and lubricant products under the Ucon brand name.
Richmond, Va.-based Albemarle on Friday said it is raising global prices for lube and fuel Ethanox brand antioxidants by 80 cents per kilogram to $2.10/kg, effective Jan. 15, or as contracts and customer agreements allow. The amount of the increase depends on the product, region and packaging. New minimum order amounts may also apply to certain products and packages.
This price increase comes as a result of continuing increases in crude oil costs and the associated petrochemical derivatives from which we make many of our products, said John McChesney, Albemarle antioxidants global business manager. This same increase is impacting shipping costs for our raw materials and shipments to customers as we contend with escalating freight costs.
Huntsman, based in The Woodlands, Texas, on Friday announced it will raise global list and off-list prices on all grades of its Jeffamine brand amines by 10 to 26 cents per pound. The company said the price increases reflect high raw material and energy costs.
Lubricant and fuel additives are key applications for Huntsmans Jeffamine-brand polyetheramines. They are used as carrier oils, detergents and dispersing agents in lubricant and fuel compositions.
In October, Huntsmans stockholders voted to approve a merger agreement with Hexion Specialty Chemicals Inc., which proposed to acquire all of Huntsmans outstanding common stock for $10.5 billion, or $28 per share in cash. Huntsman had previously canceled a merger agreement with polyolefins maker Basell, whose offer in June had been valued at $9.6 billion. The merger with Hexion continues through the regulatory approvals process.
Dow, of Midland, Mich., on Nov. 30 said it will increase the North American off-list prices of certain Ucon fluid and lubricant products by 3 to 5 cents per pound effective Jan. 1, 2008, depending on the product and the grade. Ucon lubricant products are used in compressors; mills and calenders used by the rubber, textile, paper and plastics industries; machinery, gears and bearings; and in food grade applications. Fire-resistant hydraulic fluids are sold under the Ucon Hydrolube moniker.
These increases are prompted by strong demand and unprecedented escalation in raw material costs, Dow said.