KCC said on the 1st that it will scrap its plan to raise paint prices.
KCC had sent a notice to dealers saying that, as prices of petrochemical raw materials needed for paint manufacturing were rising due to instability in the Middle East, it planned to raise prices of paint products by 10% to 40% starting on the 6th.
However, KCC decided to withdraw its plan to raise paint prices, which could affect various industries, as concerns about inflation grow amid global geopolitical tensions.
A KCC official said, "To align with the government's price-stabilization stance and help reduce the burden on consumers, we have withdrawn the plan," adding, "Although we are in a difficult situation where losses occur the more we sell under the current price structure, we will seek ways to minimize losses while closely monitoring market conditions and operate our pricing policy as prudently as possible."