January 18, 2025 – The chemical industry has kicked off the new year with a wave of price hikes as global giants announce adjustments to their product prices in response to escalating cost pressures.
On January 15th, Wanhua Chemical announced an increase in the selling prices of MDI (diphenylmethane diisocyanate) and TDI (toluene diisocyanate) in the ASEAN region. According to Wanhua’s official statement, the price adjustment amounts to USD 200 per ton, effective immediately or as per the specific terms of the contracts. Wanhua Chemical stated that amid the continuous rise in logistics, raw material, and energy costs, this price revision aims to maintain the high standard of supply chain reliability and strengthen long-term relationships with partners.
Earlier, on January 7th, BASF announced similar price adjustment measures. BASF explained that considering the sustainable business development needs and the ongoing increase in transportation, energy, and regulatory costs, the company decided to raise the price of its Lupranate® MDI MS grade by USD 300 per ton in the ASEAN and South Asia regions. Furthermore, as reported by the Color Masterbatch Industry Network, on January 10th, BASF issued another notice announcing a USD 300 per metric ton increase in the price of its Lupranate® TDI in the same regions. This series of price adjustments is undoubtedly set to have a profound impact on the market landscape of the chemical industry.