Hi,
If your material with material price varies with only in"blue" and "red" color, then go for split valuation and keep pricing
1. One price for "blue" color
2. Another price for "red" colur
Or else if other criteria's define the material price including "blue" and "red" color , then refer
Cook Book - Configurable material and material variants - Supply Chain Management (SCM) - SCN Wiki
SD Variant Configuration - ERP Operations - SCN Wiki
Regards,
Biju K