Prices are rising and set to rise further? Manufacturers issue price increase notices

On March 30, Hubbell Lighting, a U.S. lighting company, issued a price increase notice to customers and distributors.

Hubbell Lighting stated that the global pandemic has impacted the supply chain, leading to a significant increase in raw material and transportation costs. Despite measures taken by the company, these cost disadvantages could not be fully offset. Therefore, effective June 1, 2021, the company will implement an additional price increase of up to 6% on a range of affected luminaire and control product solutions.

It is worth noting that this is the company's second price adjustment. A few days ago, Signify for the US market and Cooper Lighting Solutions also initiated their second price increase since the outbreak of the pandemic.

In addition, many domestic lighting brands will officially implement price increases starting April 1 (today). For example:

OPPLE Lighting will make appropriate adjustments to offline product prices, with an increase of approximately 8%–12%, effective from April 1.

Foshan Lighting will make appropriate adjustments to the prices of industrial and mining products, with an increase of approximately 5%–15%, effective from April 1.

Yangguang Lighting's current price adjustment increase is approximately 5%–10%. The specific prices are subject to the company's DMS system and will take effect on April 1, 2021.

Cidun Lighting's overall price increase ranges from 8% to 15%: commercial lighting products will increase by approximately 10%, residential lighting products by approximately 8%, and industrial and public building products by approximately 15%. The price adjustment is expected to take effect on April 1.

...

Since the second half of last year, prices for industrial basic raw materials have been rising steadily. Netizens have joked: "Copper is roaring, iron is shouting, stainless steel is snickering, aluminum alloy is laughing hysterically, glass is bouncing around, and chemical materials are running a high fever." Affected by this, lighting-related manufacturers have successively issued price increase notices, and the wave of price hikes continues to date. Rising logistics and labor costs have also placed significant pressure on enterprises.

In addition to downstream companies, chip manufacturers have also updated the pricing of some products. Chip manufacturers such as HC Semitek, Changelight, and BPS have long revealed news of chip price increases. In response to the price changes, Sanan Optoelectronics stated that the prices of some of its products (such as low-end chips) have already risen.