Wood Panel and Laminate Industry Upset Due to High Surge
As the global supply chain conditions at the Strait of Hormuz further tightens, the price of key raw material, essential to wood panel and Laminate industry such as Phenol, has been reported to have reached the mark of Rs 160/kg whereas the formaldehyde has crossed Rs35/Kg.
The situation is forcing the wood panel and laminate manufacturers to reconsider continuing the production in such adverse conditions where there seems to be no sign of easing up in the relentless surge of the raw material in near future.
The input cost of the panel product & laminate manufacturers is reportedly going beyond their means of controlling; hence some manufacturers have already started contemplating on putting a temporary halt on the production so that they can manage to survive in the moment of turmoil.
Two weeks back, the industry had unanimously announced the price hike for all wood panel & laminate segments, now the situation further compels them to increase the prices to a breakeven point of the production suspension.