Emily Crowley
speaker
135 appearances
2 recordings
1 series
first heard May 2026
last heard 20 Jun
Emily Crowley’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jun 2026 with 1.
Appearances
But those input prices have moved significantly higher and output prices are falling.
What's interesting on the P PMI when we look at this is it looks like the output prices may be peaking and moving sideways.
Not necessarily unprecedented given the relationship between these two indexes, but does suggest that we might start seeing that demand softening limit the ability of some firms to pass along costs.
So chemicals has been one of the kind of the grounds area in the canary and the coal mine of what's been happening.
So I wanted to pull that out as an example of kind of what has been happening and what can we expect.
Essentially global chemical prices surged since March following the effective closure of the Strait of Hormoes for two reasons.
One
the goal the Middle East is a major manufacturer of chemicals.
So we had that direct impact to supply, but also we saw that lift to feed stock costs given the exposure to energy markets.
This hit Asian producers hardest outside of mainland China, but even mainland China has been impacted as well.
And essentially what we've seen is that exports have been reorienting to fill the gap, again, dragging global prices higher.
So no longer sourcing from Middle East.
We're going to try to get those chemicals and feed stocks elsewhere.
Or are we looking primarily in North America?
We've seen that create issues around the Panama Canal.
We're starting to see more congestion there.
Auction rates have increased significantly.
And again, that's just
the congestion that we expect as part of the supply chain d disruption.
What we've seen since the April peaks is that the initial panic buying has started to subside and we've seen some of these spot prices move back down.
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