When running a company, you understand the importance of making purchases that are cost-effective and you are focused on getting the best deal for your money when it comes to purchasing resins for your operations. Many times companies are getting the short end of the stick buying these products on their own. By purchasing your resin and additive products through a consulting firm, you can benefit from their plastic resin price index knowledge and expertise.
What is the Plastic Resin Price Index?
This is an index which is compiled of prices for plastic resin products prices for plastic resin products, typically in cents per pound. The index features prices for the U.S. and globally. This index is used by suppliers to determine what they will charge for their product. This price index helps your company stay informed, but it is not the best way to determine that you are getting the best prices.
How a Consulting Firm Can Get You the Best Price
With the plastic resin market lacking transparency, it is difficult for your company to purchase these products independently and know whether or not you are paying a fair price. Many suppliers will reference raw materials, supply and demand, plant outages and plastics industry indexes such as CDI and IHS to justify the prices of the products you purchase from them. The best way to ensure you have complete access to proper data like the plastic resin price index is to work with a consulting firm that specializes in procuring resins and additives for the plastic industry.
Many of these firms have inside access to more proprietary data on both U.S. and international market price points which will help you to determine if your company is really paying the best price or paying too much. This can help your company reduce your supply chain costs and in the long run help you earn back what you were losing when you purchased these products independently.
By helping you quantify any potential raw material savings, this type of firm can help you to balance your supply chain budget which enables you to use the money in your best interest. Additionally, these firms work to secure good working relationships with global resin producers to help you make beneficial resin and raw materials deals for your company.