Many raw materials have experienced significant growth after Chinese New Year.Many of our products have been affected by price increases such as car jacks/car washer/safety vest and so on.We have made every effort to control and absorb the increases over the last 1 months. It is no longer possible for us to fully absorb the effects as raw material prices continue to rise. We have no other option than to increase the prices of products and solutions. Our focus remains on delivering value to and serving our customers across the world.
As production picks up after the Spring Festival holidays, Chinese factories are confronting soaring steel prices, with some key items such as rebar jumping 6.62 percent from the last trading day before the Spring Festival to the fourth working day after the holiday, according to an industry research group.
Experts said that China's ongoing work resumption could drive steel prices above record highs this year, the beginning of the country's 14th Five-Year Plan (2021-25).
Iron Ore Price
Iron ore gains have resulted in steel prices rising over four per cent in China, the major producer of the commodity.
According to Trading Economics website, hot-rolled (HR) coil steel futures in China have reached a two-month high of 4,402 yuan (₹49,381) a tonne on hopes of renewed demand after the Chinese New Year.
Cotton Yarn Prices
Consequently, cotton prices surged by 7-10 per cent MoM during January 2021, led by a strong export demand for cotton yarn.
"The international prices rose by 13-17 per cent YoY, led by the buoyant China demand for US cotton, which is having a rub-off effect on cheaper Indian cotton prices."
VCAN is committed to long standing relationships including consistent supply and product innovation.Therefore, it is necessary to implement a price increase. The changes will be effective on all orders shipped on or after April.