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PPG Industries Inc. said on Monday that it is raising prices for liquid caustic soda by $45 per short ton.

The price increase is because of cutbacks in demand and production of chlorine, the company said. Liquid caustic soda, also known as sodium hydroxide, is a by-product in the production of chlorine.

Liquid caustic soda is used by the chemical industry. It is also used to make aluminum, and in the paper and pulp industry.

Shares of PPG rose $3.16, or 4 percent, to $82.61 in afternoon trading amid a broad market rally.

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