Spanish industrial prices rose 8.3% year-on-year in April 2026, the highest increase in over three years, fueled by soaring energy costs and a sharp rise in refining and basic chemical prices. For overseas buyers of Spanish chemicals, this signals tightening margins and potential upward pressure on export prices for intermediates, fertilizers, and plastics.
Energy-driven price spike
The energy sector posted a 22.3% year-on-year increase in April, up 15.2 percentage points from March, driven primarily by a 70.1% surge in coke and petroleum refining. Electricity generation, transmission, and distribution also fell less than in April 2025, adding to the upward pressure. This marks the second consecutive month of acceleration in industrial inflation.
Intermediate goods add pressure
Intermediate goods rose 3.8% year-on-year in April, a three-percentage-point increase from the previous month. Key contributors include higher prices for basic chemicals, nitrogen compounds, fertilizers, plastics, and synthetic rubber in primary forms. These are critical inputs for downstream industries such as construction, automotive, and packaging.
Monthly momentum remains strong
On a month-on-month basis, industrial prices climbed 1.7% in April. Refining jumped 10.3% from March, while manufacturing of basic chemicals, nitrogen compounds, fertilizers, and plastics surged 15.4%. Excluding energy, the industrial price index rose 2.6% year-on-year, still well below the headline rate but confirming broad-based cost pressures.
What buyers should watch
Importers of Spanish chemical intermediates, fertilizers, and plastic raw materials should monitor further price developments, as the April data suggests sustained cost pass-through. The 70.1% annual jump in refining costs may also affect logistics and fuel surcharges for chemical shipments. Buyers may want to review contract terms and explore alternative sourcing from regions with lower energy exposure.
Source: Read the original report | Published: May 26, 2026