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Leading companies in China’s supply chain are bearing the brunt of rising costs

(Bloomberg) – Factories, power plants and farms in China are working to achieve the worst effects of rising commodity costs that have yet to hurt the nation’s portfolio, as makers of electronic goods reject fluctuations in raw material prices and cut orders for rods and tubes, Henan Qixing said. Copper Co. It’s a double whammy for the metal parts suppliers, who are already dealing with the high refined copper prices. “It’s a big test of the company’s capital,” said Hai Jianxun, sales manager at Qixing, a medium-sized copper plant in an industrial base in China. This situation “requires a lot of capital to keep the business going.” The Chinese government has intensified its efforts to curb the prices of basic commodities to help these industries withstand what it hopes will be a fleeting bout of inflation. Rhetorical interference by senior politicians, government planners and stock exchanges had some success in pushing prices down from their all-time highs earlier this month. But for many in the supply chain, the money woes are mounting, as the gauge of China’s manufacturing slipped slightly in May, indicating that growth may have peaked at the moment. Input costs have risen to their highest levels since 2010, putting pressure on small businesses in particular, and on a recent visit by Prime Minister Li Keqiang to Ningbo on the East Coast, a home electronics manufacturer complained that raw material prices were soaring. It has put a lot of pressure on its operations. . Another product – the brass valve producer – pressed the PM for more government support. While producer price inflation (PPI) jumped, consumer prices – which is what the central bank really cares about when calculating monetary policy – remained quieter. . Maintaining it in this way depends on the supply chain understanding of increasing costs and not passing them on to consumers. “Household spending remains weak, so consumer-facing companies that are exposed to a rise in PPI will find it difficult to pass the price hike up,” said Shawn. Roche, chief economist for Asia and the Pacific, S&P Global Ratings. “At the moment, high PPI inflation threatens to erode profit margins.” Energy-stressed plants, and the power plants that supply them, are particularly vulnerable to soaring coal prices. With the Chinese economic recovery pushing energy consumption beyond pre-epidemic levels, and droughts in the south of the country causing a decrease in hydropower, energy costs have become a growing concern, and the pressure on electricity supplies has already forced some factories in the south, said Yu Chai, an analyst at Wood. Mackenzie Ltd. Others are only allowed to operate three days a week, to the detriment of their ability to fulfill orders, to shift their operations to off-peak hours, according to news site Jiemian. Such measures to arrange energy consumption could last three months, as the price of coal at Qinhuangdao Port is 865 yuan per ton, nearly 50% higher than the average. Yu said that when prices are above 800 yuan per ton, nearly all coal-fired power plants in China lose money. “Some plants may try to reduce generation to avoid further losses,” he said. Frustration with the farmer suffers both large and small farmers. Investors have punished shares of the largest pig producers, who face profit margins pressure from rising feed costs – including corn, soybeans and wheat – even as pork prices drop. They are increasing due to the high prices of raw materials. The timing couldn’t be worse, with prices for live pig futures in China falling to their lowest levels since the derivative’s launch earlier this year, and a sharp rise in grain markets hurting even producers who should benefit from higher prices. A corn farmer in Heilongjiang Province, in the northeast, said land rents and labor costs have jumped by nearly half, while fertilizer prices have risen 20%, amid soaring domestic corn prices, which peaked at the start of the year. “The current corn prices are trending lower, and it’s very likely that we will lose money by the time of harvest,” Liu said. (Updates with China PMI for May in fifth paragraph) More stories like this are available at bloomberg.com. The most trusted source for business news. © 2021 Bloomberg LP

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