Today we reluctantly increased our prices for all bags by 5%.
Demand for the resins we use has been increasing around the world and production has not kept up. Further, Plastics News reports that price increases for the feedstock the resin makers use has also risen. That combined with some planned and unplanned shutdowns at resin manufacturers and their suppliers as well as increasing exports from the U.S. has caused some industry disruptions . All of this led to a sharp increase in resin costs in June. That, of course, increases our costs of production.
As you know, our mission has always been to supply bags at the lowest price while maintaining the highest quality. That has not changed.
Some analysts are suggesting that production of resins will eventually increase to bring prices down and the various disruptions should get resolved. When we see price drops, we will pass them on to you.
Thank you for your understanding,
Lou