Passive Component Price Hikes Continue to Escalate｜Latest Developments Fully Updated.

　　Since February 2026, the price hike wave in the passive components industry has continued to intensify, exhibiting clear characteristics of "led by major manufacturers, followed across the entire supply chain, and driven by high-end products spilling over into lower-end segments." Following initial 20% price increases announced by mainland China distributors and Samsung Electro-Mechanics, Murata Manufacturing—the global leader in passive components—has also released significant news, planning to raise prices for high-end MLCCs (Multilayer Ceramic Capacitors) specifically designed for AI servers. A series of coordinated price adjustments have now taken effect, fully igniting industry-wide enthusiasm for further hikes. As major manufacturers progressively implement their pricing strategies, inflationary pressures continue propagating throughout the passive components sector, impacting every link in the supply chain to varying degrees. Against this backdrop, IC-Deal (Baineng Yunxin), with its robust supply chain infrastructure, extensive inventory reserves, and professional service capabilities, has become a critical partner for numerous enterprises seeking to mitigate pricing pressures and stabilize procurement channels, offering comprehensive sourcing solutions for both upstream and downstream players.

　　Reviewing the trajectory of this price surge reveals it was not sudden but rather the result of a step-by-step escalation involving successive rounds of adjustments—from distributors to international giants, from spot prices to contract prices—with the scope and magnitude of increases steadily expanding. Each pricing move at key junctures has served as a pivotal force driving the broader industry trend. Drawing on recent market developments, we provide a thorough retrospective analysis of this passive components price hike wave, clearly outlining its full scope and directional shifts.

　　On February 2, Murata Manufacturing first signaled impending price increases. Explosive growth in demand for its MLCCs in AI server applications emerged as the core driver behind its planned hikes. According to Murata’s disclosed data, during FY25Q3 (natural Q4 2025), orders for MLCCs used in AI servers surged 29.4% year-over-year, reaching JPY 268.1 billion. This strong demand bolstered Murata’s confidence in its annual performance, prompting it to raise its full-year sales forecast by JPY 60 billion to JPY 1.8 trillion. As the world's largest MLCC supplier—holding over 40% of the global market share and approximately 70% of the AI server segment—Murata’s substantial order growth not only validates the robust demand for high-end MLCCs in AI servers but also lays a solid foundation for subsequent price hikes. Murata President Norio Nakajima publicly stated that current customer inquiries for high-end MLCCs already amount to twice the company’s existing production capacity, making it impossible to meet demand. Given that capacity expansion for high-end MLCCs requires an 18–24-month lead time, the near-term supply shortage is unlikely to ease—this supply-demand imbalance stands as the primary rationale behind its consideration of price increases.

　　The speed at which this price hike wave spread far exceeded market expectations. On February 4, mainland China distributors responded swiftly, raising MLCC quotations with a clear 20% increase. Simultaneously, spot prices from Yageo—the global resistor leader—and Taiwan-based passive component giant Walsin Technology also showed marked upward trends. Market participants anticipated these companies would gradually follow suit, with contract prices rising in tandem, establishing a “spot prices lead, contracts follow” pricing dynamic. Underlying this phenomenon is distributors’ accurate assessment of the industry’s supply-demand gap: as AI-driven demand continues surging, MLCC demand keeps climbing while supply remains constrained. To hedge against future price risks, distributors proactively raised quotes, further accelerating the spread of the price hike trend. By February 4, relevant passive component indices had already begun trending upward; the Passive Components Index (884093) closed at 4917.8670, up 0.54% from the previous trading day, with a trading volume of RMB 5.826 billion—visibly reflecting heightened market expectations around component price increases.

　　On February 11, South Korea’s passive components giant Samsung Electro-Mechanics officially joined the price hike movement, directly increasing spot prices for its passive components by 20%, aligning with mainland China distributors and further solidifying the industry-wide pricing trend. As a core global MLCC manufacturer, Samsung Electro-Mechanics’ pricing move carries strong signaling power within the industry. Its price adjustment not only reflects cost pressures but also echoes the tightening global supply-demand balance for passive components. It is reported that Samsung Electro-Mechanics has prioritized its MLCC capacity toward high-end sectors like AI servers and new energy vehicles, while scaling back mid-to-low-end production—resulting in tighter spot supply and providing fundamental support for its price hikes. On the same day, the Passive Components Index (850823) rose 0.55%, closing at 10414.2900 with a trading volume of 2.5552 million lots, indicating sustained market activity and heightened attention from investors and industry players alike.



　　On February 17, Murata Manufacturing further clarified its pricing plan, officially announcing its intention to raise prices for high-end MLCCs used in AI servers. The company plans to complete a comprehensive assessment of actual AI server demand during FY25Q4 (January–March 2026) and make a final pricing decision by the end of March 2026. This announcement definitively confirmed expectations for high-end MLCC price hikes and escalated the industry-wide pricing wave once again. Industry analysts note that as the undisputed leader in high-end MLCCs, Murata’s price increase will directly trigger price adjustments across the global MLCC industry—particularly for AI server-specific high-end models—potentially pushing subsequent increases beyond 20% and approaching 30%.

　　Following the Chinese New Year holiday, the passive components industry’s pricing momentum has further extended, with notable price increases observed among key manufacturers such as Samsung Electro-Mechanics, Yageo, and Murata. Related supply chain stocks have also shown significant outperformance, reaffirming the sustainability of the ongoing price hike trend. Based on the latest manufacturer updates, this round of price increases clearly demonstrates a “high-end leading mid-to-low-end” pattern, with pricing plans becoming increasingly defined and market sentiment remaining strongly bullish.

　　Specifically, Murata Manufacturing is currently conducting internal evaluations for high-end MLCC price hikes. Beyond robust AI server demand, persistent capacity constraints and order volumes far exceeding production capabilities make price increases highly probable. Samsung Electro-Mechanics has explicitly indicated further price hikes are planned, intending to closely follow industry trends to address cost pressures and surging demand. Yageo, as the global resistor leader, plans to formally initiate price increases after the Spring Festival. Having already adjusted prices for certain passive components earlier, this move will broaden the scope of increases across more product categories and distribution channels.

　　Domestic passive component manufacturers have also followed suit, adopting differentiated pricing strategies. Fenghua Advanced Technology is currently negotiating prices with key customers and is expected to gradually raise product prices. As China’s leading mass-market MLCC supplier, it stands to gain the greatest pricing elasticity; referencing industry cycles in 2018 and 2021, this round of hikes could significantly boost its profits. CCTC Group is indirectly implementing price increases by reducing agent rebates. As China’s high-capacitance MLCC leader—competing directly with Japanese and Korean counterparts—it has continuously strengthened its competitiveness in high-end segments, and this industry-wide price surge will further highlight its advantages. Additionally, Jiemay Technology is discussing price increases for its paper carrier tape products with customers. Since its primary cost input is pulp, most of the price increase can be directly converted into profit margin expansion, making it one of the most direct beneficiaries of this passive components price wave.

　　From a fundamental industry perspective, the overall utilization rate in the passive components sector currently stands around 80%, with inventory levels maintained at a healthy 1.5–2 months. Coupled with the post-holiday resumption of operations by downstream terminal manufacturers, market demand is poised for further release. Industry consensus holds that the passive components price hike trend will persist in the short term without reversal. This view is supported by market data: as of February 25, the Passive Components Index (884093) closed at 5428.3670, up over 9.6% from early February’s 4951.6440; meanwhile, another related index (850823) closed at 11698.1700, accumulating gains of over 15% since the start of February. The sustained rise of these two indices clearly reflects the sector’s high景气度 and enduring pricing momentum.

　　A deeper analysis of the core drivers behind this passive components price wave reveals it is essentially an extension of electronics component inflation logic, driven by a confluence of factors: explosive AI computing demand, supply-demand imbalances, and cost pressures—with AI computing demand serving as the primary catalyst.

　　Fueled by sustained AI computing demand, the MLCC supply-demand landscape has undergone fundamental shifts. Currently, Japanese and Korean manufacturers’ MLCC utilization rates have climbed above 90%, placing them at the tipping point for immediate price hikes. Spot prices from Samsung Electro-Mechanics, Murata, and mainland China distributors have already risen by 20%, while overall channel inventory has fallen below one month—transitioning from a balanced state to a shortage scenario, further exacerbating supply-demand tensions. Notably, AI servers require significantly more MLCCs than traditional servers: a single AI server uses 20,000–30,000 MLCCs—10 times that of a standard server and 30 times that of a smartphone. NVIDIA’s latest Vera Rubin server is expected to increase MLCC usage by approximately 50%. As AI server shipments continue rising, demand for high-end MLCCs will experience further explosive growth.

　　Recalling the 2021 upcycle in the passive components industry, the sector now meets all key conditions for a comprehensive price hike across three core dimensions: pricing, utilization rates, and inventory cycles. Major manufacturers are operating near full capacity, with AI computing accounting for 10%–15% of MLCC demand—an exposure expected to double in both 2026 and 2027, further widening the supply-demand gap. Analogous to memory industry cycles, surging demand for high-capacitance MLCCs in AI applications will crowd out capacity for conventional parts, eventually triggering shortages and price increases across standard components, forming a “high-end leads, all categories follow” pricing structure.

　　From a cost perspective, MLCC raw material composition is relatively straightforward: ceramic powder accounts for 40%, nickel powder 20%, silver powder 20%, and labor/other costs 20%. Notably, ceramic and nickel powder prices remain relatively stable, exerting minimal impact on MLCC costs; only fluctuations in silver paste prices cause minor cost and capacity effects. However, profitability elasticity analysis shows that price hikes significantly boost corporate earnings. Assuming a full-year 30% MLCC price increase, CCTC Group (with RMB 4.5 billion in annual MLCC revenue) could see profit increases of RMB 600–700 million; Fenghua Advanced Technology (RMB 2 billion each in MLCC and resistor revenue) could gain RMB 400–500 million in additional profit.

　　Even under a 20% increase scenario, profit enhancements remain substantial: CCTC Group’s 2026 MLCC revenue is projected at RMB 4 billion, yielding over RMB 600 million in added profit; Fenghua’s 2026 MLCC revenue is forecast at RMB 2.7 billion, generating over RMB 300 million in incremental profit—further amplified by concurrent price hikes in its inductors and resistors, creating broad profit growth potential. Jiemay Technology’s carrier tape products, with pulp as the main cost component, can directly convert most price increases into profit margin expansion, making it the most immediate beneficiary.

　　Based on this industry analysis, we recommend focusing on key beneficiaries in the passive components supply chain—companies well-positioned to capture industry tailwinds during this price surge: First, CCTC Group, China’s high-capacitance MLCC leader, which rivals Japanese and Korean peers with significant technological and capacity advantages in high-end segments, will directly benefit from high-end MLCC price hikes. Second, Fenghua Advanced Technology, the mass-market MLCC leader with the highest pricing elasticity; referencing 2018 and 2021 cycles, it holds immense earnings upside. Third, Sinocera Material, the global ceramic powder leader and key supplier to Samsung and CCTC, will indirectly benefit from MLCC price hikes and demand growth. Fourth, Boxin New Materials, the global nickel powder leader and core supplier to Samsung Electro-Mechanics, will see significant earnings elasticity driven by surging MLCC demand and prices.

　　Amid escalating passive component price hikes, upstream and downstream enterprises face distinct pressures and challenges: downstream OEMs grapple with rising procurement costs and tight supply—especially in cost-sensitive sectors like consumer electronics and small-to-midsize automakers, where margins are further compressed. Mid-sized distributors face dual pressures of manufacturer price hikes and extended lead times, bearing cost increases while managing customer price negotiations, narrowing their operational space. In this context, selecting a reliable electronic components procurement platform becomes critical for managing pricing pressures and stabilizing supply chains—and IC-Deal (Baineng Yunxin), with its core strengths, has become the preferred partner for many enterprises.

　　As a leading domestic electronic components trading platform, IC-Deal has深耕 the sector since launch, guided by the vision “making electronic components easy to source for everyone.” Leveraging an OMO & B2B operational model, it integrates high-quality global supply chain resources to offer one-stop procurement solutions for the entire industry ecosystem. Anticipating this passive components price wave early through sharp market insights, IC-Deal secured substantial inventory in advance—including full-category passive components from Murata, Samsung Electro-Mechanics, Yageo, Fenghua, CCTC, and other key global and domestic manufacturers—ensuring stable, ample supply for downstream customers and preventing production disruptions caused by manufacturer price hikes or delivery delays.

　　In terms of resource reserves, IC-Deal maintains close partnerships with over 8,000 original brands and 10,000+ preferred suppliers globally, holds 50+ authorized distribution lines, and offers over 100 million part numbers—covering resistors, capacitors, inductors, MLCCs, and all passive component categories. Whether sourcing high-end MLCCs for AI servers or mid-to-low-end components for consumer electronics and industrial control, customers can quickly find suitable parts on the IC-Deal platform. For MLCCs—a focal point of this price wave—IC-Deal aggregates premium inventory from Murata, Samsung Electro-Mechanics, Yageo, Fenghua, and other key suppliers, precisely matching diverse procurement needs. Leveraging bulk purchasing advantages, it delivers more cost-effective pricing to help enterprises effectively manage procurement costs.

　　On the service front, IC-Deal offers comprehensive one-stop procurement services. Enterprises no longer need to engage multiple suppliers—simply logging onto the platform enables seamless completion of quotation requests, pricing, ordering, and delivery, drastically reducing procurement time and labor costs. Its advanced BOM optimization service allows customers to upload BOM lists for instant full-order quotes; using AI-powered big data analytics, it rapidly identifies and recommends alternatives, helping enterprises optimize sourcing strategies and select cost-effective substitutes to further reduce procurement expenses amid price hikes. Additionally, IC-Deal maintains a rigorous quality inspection system, featuring a 100,000+ golden database, professional QA teams, and high-precision testing equipment, adhering to 5S quality control standards for end-to-end inspection from inbound to outbound shipments—ensuring every batch of passive components meets industry standards and customer requirements for worry-free procurement.

　　For downstream OEMs, IC-Deal not only resolves supply stability issues during price hikes but also helps optimize procurement costs and improve efficiency. As one AI server manufacturer executive noted, following the MLCC price increase, the company faced dual challenges of high-end MLCC shortages and rising costs. Through IC-Deal, it quickly sourced Murata and Samsung Electro-Mechanics high-end MLCCs while reducing procurement costs by over 8%, effectively alleviating operational pressure. For mid-sized distributors, IC-Deal’s brand strength and resource advantages enable expanded sourcing channels, lower procurement costs, and enhanced market competitiveness—helping them maintain footing amid industry consolidation.

　　Overall, this passive components price wave is not a short-term phenomenon. With sustained AI computing demand and widening supply-demand gaps, the pricing trend is expected to persist throughout 2026, with high-end MLCCs projected to rise 30%–40% annually and mid-to-low-end products gradually following with 5%–10% increases. For supply chain participants, proactively adapting to industry shifts, optimizing supply chain management, and partnering with reliable procurement allies are essential for achieving stable growth amid volatility.

　　As a benchmark platform in electronic components procurement, IC-Deal will continue addressing industry needs by enhancing its supply chain infrastructure and service quality. With global spot inventory, transparent pricing, professional QA, and efficient delivery capabilities, it provides comprehensive procurement support for the entire ecosystem. Whether navigating current price surges or future market fluctuations, IC-Deal stands ready to partner with industry players—helping enterprises reduce costs, improve efficiency, mitigate risks, and drive efficient, stable development across the global electronics supply chain. With passive component price hikes now inevitable, choosing IC-Deal means securing proactive control over market volatility—empowering enterprises to navigate industry waves steadily and achieve sustainable growth.

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