Sumitomo Chemical to Increase the Price of Resorcinol
Sumitomo Chemical has announced that it intends to increase the price of resorcinol as detailed below, commencing negotiations with customers.
Product: Resorcinol
Price Increase: $0.50/kg
Effective as of: June 1st, 2010
The Company has decided to increase the price, given recent cost hikes in raw materials for resorcinol, including benzene and propylene, which resulted from the rising price of naphtha. This price increase is essential for the Company to sustain viability of the resorcinol business and continue to provide its customers with stable supply.
The Company has further enhanced the resorcinol business by starting production at its Oita Works in April, 2010 in addition to its existing facilities in Chiba. Through continuous development of the business, the Company is committed to ensuring stable supply to its global customers.
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