Nikkei. Mitsubishi Chemical Corp., Mitsui Chemicals Inc. and Sumitomo Chemical Co. have raised the price of polyethylene, the most common synthetic resin, by 17% to levels not seen for the past 25 years. The price hike is blamed on soaring prices of naptha, a key raw material refined from crude oil.
Domestic synthetic resin prices are now at their highest level since 1983, when the market was dealing from the fallout of the second oil shock.
Meanwhile, the price of polypropylene, which is used in candy packaging and clothing storage products, was lifted around 37-40 yen per kilogram, or 18%. And polystyrene prices were raised 7-9%, or 15-20 yen per kilogram. The plastic is used in food containers.