COVID-19 Supply Chain and Business Updates
Gulf coast chemical production made significant strides this week with plants coming back online, and all refineries are ramping up to be fully operational. ChemPoint had one additional producer partner declare Force Majeure this week. Inventory levels are low and are projected to remain tight for at least six weeks. Producers continue to launch price increases at unprecedented rates, which will likely continue until supply has stabilized. We also anticipate transportation issues with limited shipping lane availability and increased freight rates and/or fuel sur-charges through at least second quarter. We are also expecting increasing costs to sourcing steel packaging containers in the coming months.
Please contact your Sales Representative or Customer Solutions Representative at any time if you have a question.