(Yicai Global) March 4 -- Chinese home appliance makers are raising prices by as much as 15 percent due to soaring raw material costs, which are expected to climb even higher.

Midea Group’s refrigerator unit will hike prices by 10 percent to 15 percent on March 1, China Central Television reported, citing a Feb. 28 statement from the firm. Many other manufacturers such as Aux, Haier, Hisense, and TCL, have also announced similar moves as logistics and labor costs increase.

Prices of television sets rose in the second half of last year, and now it is the turn of fridges, washing machines, and other electrical appliances, analysts told CCTV, adding that raw material costs have surged more than 35 percent since July.

On the losing end are small brands and consumers. Profits at the market leaders are not likely to be much affected, as they have strong bargaining power and can pass on any cost increases to customers, according to Zheshang Securities.

In the short run, home appliances are expected to get even costlier as nonferrous metals and other commodities get pricier, according to He Wei, an analyst at Central China Securities. Consumer prices are likely to keep heading upward as brands deal with the producer price hikes, He told CCTV Finance. 

Since the Lunar New Year holiday in mid-February, raw materials have made double-digit gains: alloys are up 48 percent, stainless steel 45 percent, copper 38 percent, aluminum 37 percent, and iron ore by 30 percent. Plastics are 35 percent more expensive and glass is up 30 percent. Carton and foam packaging are 20 percent and 15 percent more costly.

Editor: Emmi Laine, Xiao Yi