On June 16, including Sany excavator, SDLG Excavator, XCMG Excavator, Liugong Excavator and other companies have said the price of some excavator products will increase recently. Small excavator by 10%, medium digger by 5%.
The prices of excavators, which has been viewed a barometer of China’s economic activities, have been rising significantly, raising concern about potential impact on construction projects, a major growth driver for the Chinese economy.
However, the price hikes are due to rising raw material costs and impacts would be temporary and limited, industry practitioners said on Thursday.
China’s steel prices have experienced high volatility since May 1. The price of steel rose by more than 1,600 yuan ($250) per ton in a span of two weeks, before the government’s response that cut the price in half.
While bulk commodity prices have been largely eased with government efforts, some impact is still being felt by the machinery industry, leading to the price hikes by several industry leaders.
Sany Group has a huge product range, and while some prices have been adjusted, the overall price level is expected to be stable.
With the recovery of overseas economy, China’s excavator exports continued to maintain high growth in May, up 132% year-on-year. Some institutions said that in the future, with the gradual easing of the global epidemic after the popularization of vaccines, excavator export data will maintain a steady recovery, and the overall sales of excavators are expected to achieve more than 10% growth in 2021.
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