SHANGHAI, Dec. 16 (SMM) – Leading ignition battery markers in China are reported to lift battery prices ahead of the upcoming consumption tax starting from January 1, 2016, SMM understands.
Fengfan brand battery prices are likely to grow 3-4% from December 15 and by 3% for Hongyan brand batteries from December 22.
Battery makers attempt to hike battery prices to offset costs increased by the upcoming consumption tax. Also, large battery producers ramp up production for year’s target and frequently give news that they will step up battery prices. This boosts bullish sentiment at downstream buyers, which stimulates distributors to increase purchase.
Ignition demand picked up since October and large producers halted previous promotion sales, indirectly growing battery prices.
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