The wood panel and decorative industry has breathed a sigh of relief after the news of ceasefire in a month-long conflict between US & Iran broke on 8th April. The industry has been reeling under the burden of unprecedented rise in the prices of key chemicals & raw materials, required for the production of panel products for over a month and was on the verge of historic fall in the production.
As per the report, a marginal reduction in the prices of Phenol and Formeldehyde have been noted after the announcement of the armistice between US-Israel & Iran, which has induced the hopeful sentiments in the market as the stakeholders in India have long been dealing with the uncertainty in chemical prices that impacted the production at their plants.
The much awaited ceasefire indicates the stabilisation in the prices of finished products which had been increased over last month to compensate for the production cost, triggered by skyrocketing chemical prices. Besides that it will also ease up the tussle of rates between suppliers and buyers. According to the experts, if things remain peaceful, the global supply chain operations will be back to normal and the chemical prices will ease up in 2-3 weeks.