Plastic product prices likely to rise 50-60% as polymer prices shoot up 

Plastic product prices may surge by 50-60% in April due to rising polymer costs amid ongoing geopolitical tensions.

Plastic product prices are expected to rise by 50 to 60% from the beginning of April if the war in West Asia continues impacting supply of key raw material mainly crude oil, industry officials said.

They said the prices of polymers, derived from crude oil and natural gas, has risen by 50 to 60% in last few days creating concern and margin pressure.

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Plastic manufacturers are yet to fully pass on the additional financial burden on their customers as they have been managing with the inventory that was procured well before the war broke out. But the stocks are fast depleting, they said.

“Product prices will go up. All the companies are under margin pressure and they will go for price rise. Manufacturers are procuring raw material based on the order on a day to day basis and pricing the supplies based on the raw material price,” said Sunil Shah, president, The All India Plastics Manufacturers’ Association (AIPMA).

“Because there is some materials available in pipeline, things can be managed till March end and as soon as March goes, prices will be affected from April onwards. After that prices will be fixed for the year. But we believe the war will end in March and the impact of the temporary high prices will playout for the next 30 to 45 days,” Mr. Mehta said.