In response to counter the recent geo-political escalations in the Middle-East, causing the severe disruptions in the global supply chain, resulting in the unprecedented shortages and extreme, price volatility for key raw materials, Shuttering Plywood Manufacturers' Association (SPMA) of Yamunanagar has decided to increase the prices of shuttering ply by Rs. 3.00 per square foot (on a 12 mm basis) across all shuttering plywood variants.i.e.MR, MUF & PF, from 9th March onwards.
The decision was taken in a SPMA meeting convened on 9th March to discuss the current economic and operational challenges faced by the industry; the current conflict has triggered the prices of critical raw materials, specifically Phenol, Melamine and Formaline up to 40 to 50 %.
Given the highly unpredictable nature of chemical availability and cost, the association will be reviewing pricing structure on a weekly or shorter period basis, to ensure the sustainability.
SPMA has also noted that price adjustments pose challenges, but these external macroeconomic factors are beyond one’s control and the association seeks partnership for continued cooperation and supply as we navigate these industry-wide difficulties together.
It is also to be noted that this price increase is to meet the incremental cost and there is no element of profit in it.