Elkem introducing global price increase for silicones

Oslo – Elkem is to increases prices for its silicones products worldwide with effect from 15 Aug, the Norwegian-based supplier has announced.

The increase varies by product line, with a minimum increase of 10% and as contracts permit, according to the group's press statement.

Elkem said it needed to raise prices to continue to invest in the capital needed to support capacity expansion, equipment maintenance and product development. 

The group said its silicones division had "made great strides" in operational cost reductions and efficiency improvements over the last 18 months.

However, added the statement, these savings "are not sufficient to offset the negative impact of escalating cost increases." 

The higher costs, said Elkem, relate to raw materials, packaging, energy, transportation & logistics services, labour and operational maintenance.