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Raw Materials Price Increase

Views: 0     Author: Site Editor     Publish Time: 2021-10-22      Origin: Site

Introduction

Market conditions are driving up the cost of many raw materials, currently buyers are bombarded with price increases across multiple products.


The price of raw materials is increasing and manufacturers face cascading challenges through the supply chains. As prices continue their upward climb, manufacturers are still dealing with the two supply chain headwinds, plaguing the industry throughout the pandemic: slowing supplier deliveries and labour availability.


There are four significant trends affecting raw material prices:

Strong global market demand, significantly China’s V shape economic recovery, has led to shortages on many raw materials

The oil price has risen by 58% since November 2020

The global shortage of shipping containers has led to a sharp rise in transport

costs from Asia to Europe thus further restricting supplies to Europe.

Additional non-tariff costs related to the new UK customs arrangements with the EU are adding to the cost of imported raw materials into the UK from

Europe.


Current global trends

Economic recovery

Amid exceptional uncertainty, International Monetary Fund projects the global economy to grow 5.5 percent in 2021 and 4.2 percent in 2022.


The strength of the recovery is projected to vary significantly across countries, depending on access to medical interventions, effectiveness of policy support, exposure to cross-country spillovers, and structural characteristics entering the crisis.


A green investment push coupled with initially moderate but steadily rising carbon prices would yield needed emissions reductions while supporting the recovery from the pandemic recession.


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