Germany’s BASF is raising prices at its home care, industrial and institutional cleaning as well as industrial formulators businesses in Europe by up to 30% due to higher costs for raw materials, energy and logistics, it said.
For selected products the price hikes will be more than 30%, the chemicals group said in a statement on Wednesday.
“The move primarily comes in response to significant volatility in the pricing and availability of key raw materials, increasing domestic and transcontinental logistics costs, and soaring packaging and energy costs,” it said.
The markups take immediate effect or as soon as contracts permit.
Last week, Germany’s VCI chemical industry lobby warned that serious disruption could arise from the war in Iran and closure of the Hormuz strait, piling further pressure on the sector.
Last month, BASF said it would step up cost-saving efforts and said that this year’s operating income could slip or rise only slightly in difficult markets.
(Writing by Madeline Chambers)
