- Notations for resins and glass fibre rise
- Further upswing likely in April
- Strategic buying keeps demand stable
The announced hikes of EUR 450/t weren’t the worst of it for buyers of ortho resins in March. The increases averaged only EUR 250/t, but the outlier EUR 700/t shot over the top. Even large accounts had to pay more if they wanted to secure supply. Starting material styrene’s steep upward climb, plus the numerous bottlenecks in Europe and in the US, also did nothing to improve the market’s mood, nor did the hikes for phthalic acid anhydride.
Styrene’s renewed rise will pull resins notations upward in April. Even before the month started, several producers had announced hikes of EUR 300/t-EUR 500/t, and for the most part managed to get these through, even if converters were ordering increasingly judiciously.
With the strong turbulence along the global supply chain, reinforced by the temporary blockage of the Suez Canal, supply of Asian imports in Europe was tight. Back in January, one member of PIE’s advisory panel predicted that the tightness could lead to not-insignificant price increases. Long-term contracts adequately protected buyers through the end of the first quarter, but at the beginning of March some suppliers began ignoring the contracts. Hefty price hikes were the result. The sole exception were high-end chopped strand mats from European production.
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