Noroo Paint said on the 3rd that it readjusted the prices of some items to reflect market conditions in connection with its recently implemented product price increases.
Noroo Paint said it adjusted the targets and the size of the increases while operating its pricing policy, taking into account the expense structure and market conditions overall. The company said the latest adjustment prioritizes market stability and easing the burden on business partners.
Earlier, Noroo Paint raised prices on major paint products from the end of last month through the 1st of this month to reflect higher raw material costs following the Middle East situation.
However, Noroo Paint completely excluded the water-based product line from the price increases, even though it had originally been included. It also lowered the increase rate for flooring and waterproofing product lines to about 10%. For thinner products, which had been subject to 20%–55% increases, the rate was reduced by 10 percentage points to 10%–45%. Other product lines, including automotive refinishing products, also saw lower increase rates, and some items were excluded from the increases.
A Noroo Paint official said, "Even after implementing the pricing policy, we have continuously reviewed market reactions and the government's policy stance," adding, "This price adjustment reflects a comprehensive consideration of cost structure and supply-demand conditions."
Meanwhile, KCC recently announced plans to raise paint product prices but withdrew the increase, citing easing the burden on consumers in light of the government's price stability stance.