Hanwha Total Energies cuts prices of key products by up to 200,000 won per ton

Hanwha Total Energies said Thursday it will cut prices of polyethylene and polypropylene products supplied to domestic plastic processors by up to 200,000 won ($129) per ton.

The price reduction aims to ease the burden on small and midsize customers struggling with rising raw material costs stemming from tensions in the Middle East, and to support stabilization of the domestic manufacturing supply chain.

The company said the reduced prices will apply on a temporary basis to shipments from last month. "PE and PP are essential materials used across medicine, healthcare products, food packaging, everyday goods and industry as a whole, making stable supply paramount," a company official said. "We will continue to work closely with the government and our customers to ensure responsible supply that supports domestic manufacturing and people's daily lives."

Meanwhile, Hanwha Solutions, another petrochemical affiliate of Hanwha Group, also announced it will cut prices of key petrochemical products supplied to customers by up to 250,000 won per ton.