29 May 2008 18:36 [Source: ICIS news]
HOUSTON (ICIS news)--US chemical producer Huntsman will raise prices for all of its products by up to 25% and impose an energy surcharge, the company said on Thursday.
The increases and surcharges will become effective immediately or as soon as contracts allow, Huntsman said.
Huntsman attributed the increases to rising costs in energy, commodities, intermediate feedstock and transportation.
In a statement, Huntsman CEO Peter Huntsman said, "We hope we have seen the worst of the energy and commodity price increases, but the impact of large scale speculation by traders on the price of energy, in addition to the increased costs we are absorbing from our raw material suppliers and service providers, cannot be underestimated. Having implemented aggressive internal steps to manage these costs, we are now reviewing all Huntsman products and are announcing specific price increases, as well as an energy surcharge to be applied to each product where warranted."Huntsman's announcement comes one day after Dow Chemical's, which said it would increase prices by as much as 20%.
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