Leading Japanese producers mull monthly price hikes for petrochem products

Fighting to cope with escalating naphtha costs, Japan's leading petrochemicals producer, Mitsubishi Chemical Corp. plans to go ahead with a 10% - 15% increase in the prices of nearly all of its oil-based products. This increase is the second hike since June for the Mitsubishi Chemicals. Other Japanese majors including Sumitomo Chemical Co. and Mitsui are likely to pursue the hike as well. Anticipating a further 10% hike in input costs in August and September, the companies are considering a revision of prices on a monthly basis rather than quarterly basis.
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