“I've seen nothing like it since the 1970s,” commented Alan Lipp, executive vice president of Merit Brass about the furious metals price run-up that hit the industry starting late last year and continuing without letup as this article is written in early March.
Some steel products were reported to have increased 40-50% in the last three-month period, with surcharges skyrocketing as well. Certain steel producers reportedly are refusing to quote prices except at delivery time. Lead times are stretching to months and shortages loom. Adding to the problem are significant freight increases due to demand pressure on global shipping and, domestically, new “hours of service” regulations that will diminish truck driver productivity.