Gujarat Particle Board Association announced 15% price hike on all products
As anticipated by industry experts, the effect of sudden increase in the price of Formaldehyde is perceptible in the wood panel industry which is attested by the reports of price increments from various manufacturing companies in Particle Boards, Plywood, Laminates, MDF etc.
The manufacturers feel compelled to declare a justifiable price hike in this critical situation of scarce raw material owing to the high price of Formaldehyde. Industry people say that the input cost of the stakeholders in the wood panel industry is likely to go through the roof because Formaldehyde is the main chemical used in resin production by all major companies. Therefore they feel obliged to increase the prices in all product segments.
Gujarat Particle Board Association has recently announced 15% price increase on all products from the existing rates with immediate effect from 11th October, citing the shortage of raw material and increased production cost, triggered by hike in the price of resin and paper.
As per GPBA, they are experiencing a challenging situation due to significant hike in formaldehyde prices; hence this scenario necessitated them to increase the price of their products with immediate effect in order to continue proving the uncompromised quality even in this critical situation.
Apart from GPBA, many other stakeholders across the country have also directed to withhold the current orders until revised prices are effectively accepted in the market.