The British Furniture Manufacturers' association (BFM) reports that its members are benefitting from the association's commodity price tracking system, which is allowing them to keep a close eye on raw material price movements pre and post Brexit.
Mike Dimond, the BFM's employment and memberships affairs director, investigated 37 different materials or feedstocks that determine prices, and which are typically supplied to furniture manufacturers. These included board (of various compositions), foam chemicals, fibres, hides, steel wire mesh, hardwoods and softwoods.
The data revealed that over the year, many materials prices have risen noticeably, while recent month-by-month changes have been similar for many items and reflect the fall in the pound – for example, the shipping rates for a 40ft shipping container from China to Felixstowe has risen by 29% since July 2015.
The BFM's commodity pricing report allows members to track prices over a monthly, and yearly basis. It also provides members with data on over 250 items covering abrasives, board, chemicals, container rates, energy and fuel, fibres, foam chemicals, UK performance indicators, leather, logs, metals, packaging, plastics, steel wire, timber and wood, waste as well as wax.
MD Jackie Bazeley says: "With the current currency fluctuations and increases on raw materials and import rates, our commodity pricing system will become an increasingly important tool for our members to monitor the cost of supplies."
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