Germany’s biggest chemical companies are hiking prices as they struggle with surging energy prices owing to the war in Iran, threatening to accelerate the deindustrialisation of Europe’s largest economy.
BASF, the largest in the region, this week said it would increase European prices for standard amines used in products such as detergents and coatings by about 30 per cent, while speciality chemicals group Lanxess is raising the cost of some materials by as much as 50 per cent.
They are among groups including Wacker Chemie, Covestro and Evonik that have either raised prices for building block chemicals, preservatives and polymers, or told customers that they intend to do so, since Israel and the US attacked Iran at the end of February.
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