BASF seeks Eur300/mt increase in global engine coolants prices

BASF will target a Eur300/mt ($411/mt) increase in worldwide engine coolants prices with immediate effect, the company said Tuesday.

The company said it needs to raise prices on higher feedstock costs.

Engine coolants require chemicals such as glycols and methanol, which have increased in price during the third and fourth quarters of 2011.

An initial Northwest Europe fourth-quarter methanol contract was settled at Eur315/mt FD NWE, up Eur20/mt versus the Q3 CP of Eur295/mt, while glycol prices have increased by more than Eur100/mt.

At the beginning of June NWE, monoethylene glycol prices were assessed at Eur820-830/mt CIF NWE but by mid-September they were assessed at Eur955-960/mt CIF NWE, according to Platts data.