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Leading cos to raise prices for petro-chemical products
12
Jun '08
In a bid to sustain operation amidst soaring cost of raw materials, three of the leading chemical manufacturers of Japan have decided to raise the prices of petrochemical products.

Starting from next month, Mitsubishi Chemical Corp, Mitsui Chemicals Inc and Asahi Kasei Corp will charge more for synthetic resin and a host of other major products.

This hike in the prices of chemical products will lead customers to shell out an additional of 200 billion yen a year from their pockets and with almost all the other companies following suit, consumers will have no other option but to absorb these higher prices.

Since spring this year, naphtha, a primary product made from crude oil, saw prices flying at US $140 a kiloliter and with domestic consumption amounting to 50 million kiloliter annually, consumers would end up paying 750 billion yen a year.

Industrial sourced confirmed Fibre2fashion that on May 2, naphtha contract prices for the first half of June stood between $943.50 - 945.50 per metric ton in the Far East while it ranged from $1078.00 - 1080.00 for the first half of July on May 30.

While Mitsubishi Chemical has plans to raise prices on 26 key products by 10 to 30 percent, Mitsui chemical will hike prices for 20 products including resin and base materials for synthetic fibers by 8 to 30 percent. With this raise, polyethylene will cost about 17 percent more per kilogram.

Similarly, Asahi Kasei, will also hike prices on polyethylene from 9 to 17 percent a kilogram. Experts believe that these changes are likely to cause widespread dissatisfaction among consumers who may even cut down on the use of petrochemical products as a response to such unreasonable increases.

Fibre2fashion News Desk - India

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