price jump in 6200.5 magnets

[SPotter]

Roger,
I need to purchase two 6200.5 magnets and I am seeing them for sale on some sites for around $60 and then on others including the tunze site for $123. Am I missing something? Are there two different models out there and whats the difference if there is?

 

[rvitko]

The current price is $123, these magnets use neodymium magnets, you may have seen the news coverage on this, but China nationalized the production of rare earth metals in 2010, they control 97% of the worlds supply due to prohibitive environmental regulations in the other countries where it can be sourced. As a result the price of the magnets only has increased 600%, on many models of magnet holder we have switched to ferrite magnets to keep the price down, but these magnets are larger and will not fit in the 6200.500 housing.

 

[SPotter]

Ouch that has to hurt you guys and your margins. Thank you for your response.