Tokyo – Shin-Etsu Chemical Co. is increasing the prices of all of its silicone products both in Japan and globally, the Japanese group has announced.
The price increase of 10-20% – in some cases more than 20% – will come into effect in October, said a 24 Aug statement.
The price hike follows a similar increase in March, which at the time was linked to a rise in the prices of raw materials and logistics costs.
Since then, Shin-Etsu said, silicon metal, the main raw material of silicones, has faced a tightening of supply and demand and a continuing sharp price rise.
In addition, the company said costs are “greatly rising” in terms of the procurement of raw materials and the shipping of products.
As a result, Shin-Etsu said the price hike was ‘unavoidable’ despite its efforts to reduce manufacturing costs and absorb the increased costs.