Prices are changing on a daily basis, while fraudulent activity is said to be on the rise.
There have already been warnings circulating in the Far East about companies offering spinners for sale at $0.50, when in reality they don’t actually have any stock. These companies have been asking for 50% of the payment upfront, and there are fears that anyone paying the deposit will never see their money again, nor receive any stock.
Meanwhile the price of spinners is fluctuating daily as a result of phenomenal global demand – the only way for suppliers to buy is at the current market price, which is literally changing every day. For example, one supplier said that the FOB cost for a standard spinner last Friday was around $0.65-0.70, but admitted that the price is rising by as much as 10% a day.
One Chinese factory sent the following letter to a supplier: “The price in the market has gone crazy – an ex-factory regular spinner has gone up to RMB5.80. Frankly speaking, I dare not make any quotation to you. Meanwhile, the bearings cost has risen to an incredible level. For current orders, even though we increased your price twice, we still need to review our costs to take into account the huge increasing difference in the cost of bearings. We have stopped taking any FOB orders at present, due to the daily changes in price.”