2020 year is very difficult year, affected by COVID-19, all the cost of silicon steel lamination had a big price fluctuation. Details as follows:
1.Silicon Steel Raw Material:
In the beginning of 2020, Chinese epidemic was very serious which caused low demand in Chinese market, silicon steel raw material was down. But after May, due to increased demand and recovered market, silicon steel price was keeping increasing,
2.Exchange rate between USD and CNY:
Due to very serious influence of COVID in the world, dollar was keeping devaluing from September.USD 1.0 was equal to CNY 7.05 in July, it is only 6.54 now. Very big fluctuation caused high increased cost.
3.Sea shipping freight:
Due to very shortage of export containers and too busy shipping, sea freight had a big skyrocket from September.
All the factors are put into cost of our products silicon steel EI lamination and caused very difficult business in 2020. Hope the situation can be back to normal in 2021. Hope all the business of customers can be recovered soon.