Oxea recently announced price increases on polyols, olefins and carboxylic acids used in lubricants, while Dow said it would raise prices on a number of oxygenated solvents.
Oberhausen, Germany-based Oxea on Monday said it would increase list and off-list prices on five lines of polyols and olefin derivatives effective July 1, or as contracts allow. The increases are by 5 cents to 7 cents per pound in the Americas, by 50 (U.S. $70) to 100 per metric ton in Europe and by $100 to $150 per metric ton in Asia.
Last week Oxea also announced that effective July 1, or as contracts allow, it would raise list and off-list prices on five lines of carboxylic acids by 5 cents to 12 cents per pound in the Americas, by 50 to 100 per metric ton in Europe, and by $100 to $200 per metric ton in Asia. One type – butyric acid – will only see a price increase in Europe and Asia.
Oxea is a global supplier of solvents, polyols and oxo derivatives such as carboxylic acids, esters and amines. The products are used to make coatings, lubricants, cosmetics, pharmaceuticals and other products.
Midland, Mich.-based Dow last week said it would raise list and off-list prices by 3 to 10 cents per pound on a number of its oxygenated solvents in North America effective July 1, or as contracts allow. The company attributed the increase primarily to a continuous cost escalation of key raw materials used to manufacture the products.
The escalating cost for propylene, a key raw material for our product portfolio, is the primary driver for this increase, said Mark Bassett, Dows global business director, oxygenated solvents. Economically, it is no longer feasible for us to continue producing the products required by our customers. We must raise our prices in order to maintain margins and reinvest in the future growth of our business.