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Global supply chain challenges continue to impact the carbon steel fitting and flange marketplace. Lead times have been extending and steel prices remain on the rise. Capitol Manufacturing implemented a new price list sheet that represents a 6% pricing increase on welded carbon steel nipples (Effective Sept. 9).
The Producer Price Index for iron and steel forging was 13.4% higher year-over-year in August (10.0% in the last update). Month-over-month, prices were higher by 2.8% (2.3% in the last update).
Producer prices for steel pipe and tube were up 9.2% month-over-month in August (up 9% last month) and are still near the highest on record. Year-over-year, prices are 63.5% higher (48.8% higher Y/Y last month).
Nickel prices have increased over the past 30 days to @$8.94 per lb. ($8.72 in the last update). Warehouse levels were sharply lower again this month at 177,078 tons (202,896 tons in the last update).
Steel prices are at an all-time high. We have seen a 14% increase already this year (malleable iron and welded nipples) with another 7% expected in Q3 2021.
