Prices of most of composite materials, including glass fiber, epoxy resin, and UPR declined in Q1 2023 as compared to Q1 of 2022, while that of carbon fiber slightly increased. Overall, price index of composite materials declined by 6% in Q1 of 2023 on year over year basis but rose up to 2% from previous quarter (Q4, 2022). The price decline of composite materials is majorly due to declining raw material prices and due to softening demand from major end use industries. In terms of metals, steel price index declined by 15% and aluminum price index decreased by 23.8% in Q1 2023 as compared to Q1 2022. Metal price declined on fears of a global economic slowdown and high inflation and high energy cost adversely hit the prices of metals. The prices of composites are expected to follow the same price trend in Q2 2023 as shown in the following figure.
Figure: Year-over-Year (YoY) Price Change for Metals and Composites in Q1 2023 and Q2 2023(e)
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