Price Increasing Of Flexible Magent

Dear Customers:

Recently, the increased prices of magnetic material have raised some concerns within the customers.

In order to remove all doubt and avoid any confusion with regards to the prices , MPCO would like to present some data and point to the several main objective factors, affecting the rising prices of magnetic products.

Since September 2020, China’s magnetic materials industry has been affected by the international market. Commodity prices have soared, especially the prices of rare earths and non-ferrous metals, iron ore, strontium ore and other raw materials have soared. The combination of the multiple factors such as domestic environmental protection governance, reduced or suspended production of the international steel enterprises, resulted in price surge of raw materials for magnetic materials. Meanwhile the supply became very tight.

For example: Iron oxides price increased from RMB 2,000 yuan / ton to the current RMB4,000 yuan / ton; iron phosphorus price increased from RMB 1,000 yuan / ton to the current price of RMB 1,500 yuan / ton; strontium carbonate price increased from RMB5,000 yuan /ton to the current RMB 8,000 yuan / ton; Meanwhile the prices of vinyl, Adhesive, Paper cartons and other packing materials rose by 10% to 20% ranging in the past six months.

From the development of the situation, the prices of these raw materials continue to rise, and the trend will not stop. The above raw materials are the main raw materials of flexible magnets, representing more than 80% of the product cost. The pressure of the general price increase of upstream raw materials is too big to be absorbed only by MPCO , it needs to be diluted and digested by each part of the industry chain.

China’s magnetic industry is very mature, the cost of products is transparent, the technology, equipment and other production factors have been set well, the profit of the magnet manufacturers is very low. The ability of producers to absorb the high raw material costs by themselves is very limited, they need the understanding and empathy from the industry chain customers. At the same time, MPCO will continue to innovate and do its best to reduce the cost of the production process through fine management and the development and enhancement of new technology and new products. We hope that our esteemed customers will understand and support us, so that we can cope with the unfavorable situation, overcome the difficulties together and maintain the benign and healthy development of our business.

MGNETIC PRODUCTS CO.

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