The recent cold-snap in Texas has caused havoc in the petrochemical and plastics industry with almost the entire region closed down. It will be a few weeks before we understand exactly what the fall-out of this will be, but it seems to have become a trigger for major price hikes. The shut-downs in the USA come on top of 4 other major issues that have been impacting prices. These are:
- General supply shortages due to increased demand for more packaged product due to COVID-19 when predictions were for reductions.
- Global freight rates sky-rocketing and huge delays across the world.
- Strike action by the Maritime Union of Australia is also causing delays locally.
- China demand has surged (after Chinese New Year).
We will be working with all our customers to minimise the impact of what we hope are very short term issues. Please contact us for the latest information.