Pricing and Markets
May 1, 2025
Chemical Grade Propylene Down 6c/lb
Chemical Grade Propylene is $0.365/lb in April
April 2, 2025
Liberation Day – Reciprocal Tariffs
“Well we have some very, very good news today,” Trump began his address exclaiming that “This is Liberation Day.”
“April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed and the day that we began to make America wealthy again,” Trump says.
Mexico and Canada are not on the list as US will continue to exempt USMCA-compliant goods.
“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike. American steel workers, auto workers, farmers and skilled craftsmen — we have a lot of them here with us today. They really suffered gravely.”
“In a few moments, I will sign a historic Executive Order, reciprocal tariffs on countries throughout the world. Reciprocal. That means they do it to us and we do it to them. Very simple. Can’t get any simpler than that.”
Trump lays out his theory that tariffs will bring back a “golden age” for the US, a phrase he also used in his inaugural address:
“Jobs and factories will come roaring back into our country, and you see it happening already. We will supercharge our domestic industrial base.”
Trump says the reciprocal tariffs will bring “stronger competition and lower prices for consumers” in the US.
Finally, Trump announces his tariff plan details as a “Declaration Of Economic Independence”
The bottom line is that this is targeted reciprocal tariffs, NOT a broad-based 15% or more tariff slap on all products.
Additionally, Trump confirmed that the new reciprocal tariffs will begin at midnight tonight.
However, they did announce a baseline tariff rate of 10% for all countries (below the 15% consensus and 20% worst case) and Trump confirmed the 25% tariff on all auto imports.
Additionally, Trump said they will not be full reciprocal tariffs, then held a chart up showing the individual nation (trade-weighted average) tariff levels:
Full List of Countries Hit With Reciprocal Tariffs:
For a deeper dive, see: https://www.zerohedge.com/markets/trumps-liberation-day-live-blog-all-you-need-know
April 1, 2025
Chemical Grade Propylene Down 4c/lb
Chemical Grade Propylene is $0.425/lb in March
March 5, 2025
Furniture Orders Show Slight Rise in December Year-Over-Year
By Karen M. Koenig | March 4, 2025 | 11:25 am CST
HIGH POINT, N.C. — New residential furniture orders rose 1% in December compared to the same period in 2023, according to the February issue of Furniture Insights, reversing the previous month’s decline. Approximately two-thirds of respondents reporting increased orders in December compared to the year prior.
However, compared to November 2024, December new orders dropped 15%, although that could include some seasonality due to the December holiday break, said noted Mark Laferriere, assurance partner at Smith Leonard, the accounting and consulting firm that produces the monthly report. New orders were also down for the year to date, by 1%.
December shipments were down 2% compared to 2023 figures, and also down 7% with November 2024. Year to date through December 2024, shipments were down 6% compared to 2023. Backlogs were down 8% compared to December 2023, but up 2% from November 2024 “as current shipments outpaced new orders during the last month.”
“Receivable levels were down 7% from November 2024, and down 3% from December 2023, both of which are materially in line with the respective shipment trends, given normal timing differences with collections,” Laferriere noted. “Inventories were consistent with November 2024 and down 2% from December 2023, which are in line with prior periods and current operational
levels,” he added.
On a seasonally adjusted basis, sales at furniture and home furnishings stores were down 1.7% in January compared to the previous month but up 3.7% from January 2024, according to the January Furniture Insights.
Tariffs, both existing and potential, continue to impact American business and spending, making projections difficult, Laferriere said. “While the housing data was mixed, consumer confidence really took a hit this month, so it will be interesting to see whether this is the start of an enduring trend or hopefully just a temporary blip that will reverse itself once much the current uncertainty is resolved.”
He added, “The Home Furnishings Sentiment Index published by Furniture Today was similarly mixed, but reflected long-term optimism for the industry, which is consistent with what we’ve heard from many we’ve spoken to recently.
“And the furniture industry does seem to be gaining a little momentum based upon recent industry reports, year-over-year retail data, as well as our own survey’s modest increase in new orders this month. However, it remains to be seen the extent these economic policies will have on the 2025 outlook for the industry and beyond.”
February 28, 2025
Ocean Container Rates Fall 30% in February
Bobby Dalheim // Senior Editor of Case Goods and Global Sourcing // February 27, 2025
LONDON – Spot ocean container rates fell 6% this week on average across all trade routes and have now fallen 21% in the past three weeks, according to rate tracker Drewry. Average rates now sit at $2,629 per 40-foot container, the lowest average since last May.
Drops in rates from China to the U.S. have been more substantial. Rates from Shanghai to Los Angeles fell 11% this week to $3,477 and follow drops of 11% and 7% in the two weeks prior. Likewise, Shanghai to New York saw rates drop 10% this week to $4,593, which again follows declines of 13% and 5%. Doing the math, that’s a 29% drop to Los Angeles and a 28% drop to New York in three weeks.
Drewry expects rates to continue to fall over the coming weeks as more shipping capacity comes online.
Container blog LinerLytica gave more specifics in an update, also highlighting Washington’s newly proposed fees on Chinese ships:
“The proposed levy on Chinese ships calling at U.S. ports could trigger moves to switch out Chinese-built ships from U.S. trades that would cause widespread disruptions over the coming month,” it wrote. “Chinese carriers would be most affected by the levies, and their potential exodus would create a void in the market as they account for 17% of U.S. container imports from the Far East. These uncertainties add to the current challenges that carriers are facing, with freight rates continuing to slide and carriers unable to maintain capacity discipline in the midst of the roll-out of new Alliance services.
“Forward schedules show capacity increases across the board in March and unless carriers reverse course soon, freight rate hikes will continue to prove elusive.”
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