Corona: Newpan is expected to announce price increases in the coming days.

Newpan is expected to announce price increases in the coming days. Expected price increases will be between 5% and 10% and will affect the prices of Toshiba, Haier and other group products, including Delongi, Pilot and Canon. The increase is expected to take effect this Sunday.
The speed with which various companies announced the increase, although their inventory has products from before the Corona crisis, raises the question of the necessity of the move. Speaking to a senior official at one of the companies, he acknowledged that "even if the goods we ordered from the factories in China would have gone out on the scheduled date - the day after the Chinese New Year - it would only arrive in Israel about a week ago." In the electrical products industry, it is not certain that the price increase announcement will translate into price increases at the same rate. A senior official added: "Many times importers say they will raise prices and in practice this does not happen. It is convenient to create a sense of scarcity so that stores are quick to buy from them"
"Price increases are expected to come. On the one hand, they are looking for a reason for the party, but on the other, there is also a concern that we are approaching an uncomplicated period. We cannot yet know what will happen, but only estimate." He said, "Some suppliers have already announced price increases of 10% -15%. In addition, factories that are away from the focus of the Corona eruption and returned to work have done so partially. The transport will be more expensive. We have to compensate ourselves in advance. "
Earlier this week, Brimag announced to the electrical product stores a 10% -14% increase in prices. Electra Consumer Products announced a 3% rise in air conditioners and a tornado announced a 10% increase in prices. Similar messages were delivered by Shioumi and Hamilton.
Brimag told the stock exchange on Thursday that "in the immediate and short term, disruptions in manufacturing operations in China are not expected to have a material adverse effect on the company's operations and results. The degree of impact of the disruptions, if and when they continue, in the medium and long term. " That is, the company raises prices without knowing how the Corona virus will affect it in the long run, while acknowledging that it will not affect it in the short term.