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The price increase is coming in ACP segment in India following increasing raw material cost. The ACP Manufacturer Association has announced to increase the prices by 7-10% on different variants of composite panels which is produced with combination of metal and plastic composites. Majority of players have announced to increase the prices with effect from 1st September 2021. The Association members called a virtual meeting on 20 August, 2021 and discussed the present challenges of industry such as hike in Raw Material prices and control debtors' default.
Due to the increase in prices of Raw Materials such as Aluminium Coil, PE Granules, Polymer Films, Transportation costs during the last 5 months, ACP Manufacturers Association members decided to re-pricing their products. “To accommodate this price increase of their raw materials, it has become necessary to increase the price of our finished product (Aluminum Composite Panel) by 7 to 10%. All the members mutually agreed to implement their new prices with hike of 7-10% on different variants accordingly from 1st September, 2021,” said Mr. Pawan Garg, Director, Reynoarch.
Regarding the increase in the number of default debtors, members proposed to share their name & details on a common portal so that other members may be aware of the same to avoid further deal with them.
The meeting was attended for ACP Manufacturers such as Mr. Pawan Garg (REYNOARCH), Mr. Ashok Bhaiya (ALUDECOR), Mr. Lalit Mittal (CITYBOND), Mr. Vijay Mittal (WONDER), Mr. Sumit Gupta (ALSTONE), Mr. Naresh Garg (ALEX), Mr. Parkash Jain (VIVABOND), Mr Subhash Jain (INDOBOND), Mr. Kush Singhal ALOMAX), Mr. Chapsi Gala (TIMEXBOND), Mr. Udit Goel (ALUTUFF), Mr. Rajesh Shah (EUROBOND), Mr. Vikas Singh (HYNADECOR), Mr. Rajesh Gupta (ALUTEC), Mr. Sunil Mehta (PIONEER), Mr. Satish Patel ( MAPL), Mr. Vikas Goel (ALDEKO) and Mr. Nikhil Arora (VIRGOPANEL). Mr. Rajesh (FLEXIBOND), Mr. Saurabh Garg (IMPERIA), Mr. Sumit Singhal (SKYBOND), Mr. Suresh Gala (4MAN) also gave their consent on the above decision.