Petrex GmbH has several high-quality photoinitiators in its portfolio. They are suitable for use in the coating and color industry. So the upcoming European Coating Show (ECS) in Nürnberg is a “must-event” for us.
About the fair
The ECS is the leading fair in the industry. In 2023, the event occurs from March 28th to 30th. Over 1,000 exhibitors from different countries and numerous visitors will take part in this three-day event.
Team Petrex is looking forward to strengthening its partnership with suppliers and customers, as well as creating new business opportunities. Please contact us if you’re interested in a meeting.
We wish you a beautiful and contemplative Advent time with your loved ones. Instead of sending gifts, we decided to invest in environmental protection this year. That’s why we have supported Plastic Fischer GmbH financially.
About Plastic Fischer
Plastic Fischer collects plastic from rivers, primarily in India, Indonesia and Vietnam. With the help of the so-called TrashBooms, a kind of floating garbage collection station, a large amount of plastic can be removed efficiently before it lands in the oceans of the world. The plants are maintained by local residents, who receive a full-time job in return. They also help to sort the garbage. In addition, recyclable plastics are to be sold to recycling companies in the future and collection technologies may be leased or licensed.
Sustainability at Petrex GmbH
To develop long-term sustainable business processes is also our goal for 2022. It is our conviction to constantly keep this task in mind with well-thought-out actions. This year, we were already able to record initial successes when we achieved a platinum medal in the EcoVadis sustainability rating.
This year, global supply chains were once again confronted with serious delays. In addition to rising freight rates and longer transit times, this also led to the general congestion of ports. As consequence, there is still a shortage of containers.
Causes of container shortage
Due to disruptions in the shipping schedule, empty containers are not returned in time. There was also an increase in blank sailing leading to delayed container handling. As a result, containers are stacked at ports, which further slows down logistics processes.
Outlook in 2022
Improvements in the current situation are not expected to occur until early next year. The Chinese New Year will lead to a temporary reduction in Chinese logistics activities, which will have a positive impact on the global logistics situation. Around 60,000 to 70,000 new containers are also expected to go into operation globally in mid-2022. In the long term, some new ship orders can also be awaited to improve the shipping availability on the market.
Ethics, sustainability and self-commitment are not verbiages for us, but buzzwords we are convinced of and stand for. In our code of conduct, we have recorded our essential behaviors. Our business partners must meet high standards, along with high quality.
About the Code of conduct
The Code of Conduct provides a collection of binding behaviors in internal and external business environments. Contents of the rules cover various areas but there is no prescriptive form. The more comprehensive the rules are, the better and more effective they can be applied.
We stand for honesty, openness and transparency, which is why we do not tolerate bribery and corruption. Due to our social responsibility, we do not accept any discrimination in the internal and external business environment. But our efforts are not only limited to publishing documents, we also actively implemented sustainability aspects. Accordingly, we are proud to announce that we have received an EcoVadis certification this year again. Learn more about our Code of Conduct here.
The Yuan is a dynamic currency that has also shown impressive development in recent months. Also known as “Renminbi” (English: People’s Currency) the Yuan is issued and regulated by the People’s Bank of China (PBOC). However, fluctuations in quotations can be observed regularly.
Yuan comparison 2020/21
In the second half of last year, quotations fell from just under 7,20 yuan to around 6,50 yuan. The initial high values were associated with the Corona pandemic. Compared with other countries, China’s economy has recovered quickly. Also, China is ahead of the US and Europe in the business cycle.
This is followed by a striking interim low of around 6,35 yuan per dollar in early July 21 – the lowest level since May/June 2018. The yuan continues to fluctuate strongly, with a slight decline in November compared to the previous month.
Further losses of the Yuan cannot be ruled out. This also has an impact on the Australian and New Zealand currencies, which are heavily dependent on China’s development. It is also to be seen how the introduction of eYuan – the new state cryptocurrency – will affect development.
The Olympic Games are a world-famous competition, which is regularly held in various sports. Since 1896, the competition has been realized in different countries and amuses the spectators. This year, the Winter Olympics will take place in China. The capital Beijing is already preparing intensively to offer athletes and spectators an unforgettable competition. The Games will be officially opened on February 4 and will end on February 20.
The impact of the Olympic Games on the chemical industry
Already in the past, we have had the experience that major events affect the production of Chinese chemical companies. Official requirements also lead to a temporary reduction in production capacities during the upcoming Olympics. Production is stopped before and during the current competition. In addition to the national holiday week “Spring Festival” impacts to the chemical production can be expected mid-January to the end of February.
The Olympic Games and the Supply Chain
The reduction in production capacity leads to delays in the supply chain. Changes in the freight market have also been observed in this respect. Even if this situation lasts only for a short time, companies who buy their intermediates or finished goods from China should be as proactive as possible in adapting their flow of goods. It is also advisable to build up buffer stock, ideally already in the fourth quarter.
Team Petrex has organised all necessary steps to secure a steady supply to our customers. For any questions please do not hesitate to contact us.