In the latest event, the well-known company DOMO Chemicals announced a price hike in Polyamide grades across the European region due to an escalation of raw material and energy costs. This hefty price hike will be impacted other European petrochemical markets. This price hike will be effective from 1st October 2022 for the grades like TECHNYL A, B, and D (PA66, PA66/6, PA6.10) of about 700 Euro/tonne and TECHNYL grade C (PA6) of about 500 Euro/tonne. In the current situation, Europe is facing an energy crisis due to high energy costs. Recently, Radici, an Italy-based company which manufactures Polyamide and Adipic Acid, has declared force majeure due to the high operational cost of energy price hikes in the region. Polyamide is used to produce Nylon in the textile industries, and this price hike will directly impact the textile industries in Europe.

DOMO is one of the largest manufacturers of Polyamide grade in the European region. This announcement will be created a ripple effect in the global market. This price hike will impact the importing countries in the European region. In Europe, several ports were congested, and the supply chain disrupted the region. Similarly, in Germany, Hamburg port still suffers from congestion; the goods are delayed in delivering the materials to their destinations. Several reasons for supply chain disruptions in Europe affect the region's economy.

Meanwhile, European consumers and other market participants may look toward cheaper imports from the international market in order to avoid the wrath of surging prices in the domestic market.

As per ChemAnalyst, the price of Polyamide 6 was recorded at USD 4290/MT on a DDP Hamburg basis during the week ending 16th September 2022.