Ulsan, Korea - Polymer additives group Songwon Industrial said 18 Aug 2010 that it will increase global prices of its Songnox antioxidants, Songlight and Songsorb UV stabilizers, Songstab acid scavengers as well as of its range of aminic antioxidants by between 5 and 15 percent, effective on orders received on or after 1 Sept 2010, or as contracts allow.
"Raw material costs have been steadily increasing over the last year and a half which is being driven in many cases by strong demand and availability constraints. The current trend in raw material cost increases is expected to continue and we do not expect any relief for the foreseeable future," said Jongho Park, ceo of Songwon Industrial.
"Although Songwon continues to identify opportunities to control costs and minimise the impact on customers, we have been forced to implement the latest price increase as our costs have driven profitability well below an acceptable reinvestment value," Park added.
He noted that raw material prices "cannot be absorbed anymore without affecting Songwon's strong commitment and ability to further invest to ensure product availability, innovation, and continuous improvements in quality and safety".