Dye Prices Surge as Key Intermediate H-Acid Hits Record High

The scale of the move in an upstream intermediate matters more than the headline dye hikes: H-acid and the reducing agent are inputs whose cost pass-through determines whether this stays a margin story for mills or becomes an end-product pricing story. Because the increases are concentrated in a handful of named producers, the key question is whether supply stays tight enough to hold these levels or whether higher prices pull in capacity. Watch whether downstream textile and leather demand absorbs the pass-through, and whether the intermediate spike persists into subsequent quotes.