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Suppliers may cut prices to get orders
By Wang Yanlin | 2012-9-13 | NEWSPAPER EDITION
Sep 13, 2012
SUPPLIERS in China may be forced to cut prices of their products if they hope to secure new orders in the current global economic downturn, participants at the 11th International Sourcing Fair warned.
Panduit Communications Components (Wuxi) Co Ltd expects to procure over US$3 million from the fair this year but at lower costs.
"We want to take this opportunity to find more competitive prices in China," Johnny Qin, a sourcing engineer at the firm, said yesterday at the fair in Shanghai.
German automation firm AWH, a first-time participant, was also looking for better prices. "Price is no doubt an important factor for us to decide suppliers," Heinz Schmiegel, the firm's director of purchasing, told Shanghai Daily.
Tu Jianqing, chairman of Shanghai International Sourcing Promotion (Group) Co Ltd, said: "We expect US$25 billion worth of deals, down from last year's US$30 billion due to weak demand."
