SP Samhwa (formerly Samhwa Paint) said on the 3rd that it has revised down the scale of its recent product price increases.
SP Samhwa said, "With global supply chain instability and rising prices of key materials and supplies, cost pressures have been building," adding, "We recently raised product prices, but we adjusted the size of the increase to pursue coexistence with dealers and other transaction partners and to join the government's price stabilization stance."
SP Samhwa cut the rate of increase applied to key products by as much as half. The company raised prices of key products by about 10%–20% on the on the last month. Thinner products were increased by about 40%.
SP Samhwa plans to apply the price increase flexibly depending on the characteristics of each product line and market conditions. In particular, it intends to focus its pricing policy on reducing the burden on transaction partners.
An SP Samhwa official said, "We will absorb part of the cost increase ourselves to minimize market shock." The official also said, "SP Samhwa prioritizes actively joining efforts to protect the industrial ecosystem and the government's price stabilization policy over short-term profitability defense," adding, "Ultimately, we will protect transaction partners and prevent the burden from being passed on to consumers."