Industry News: Steel Prices Set To Increase in 2011
When it comes to the ways of the world, we can always count on the fact that things are in a constant state of change. As 2011 draws closer, steel manufacturers have announced an increase in prices. These increases are the most recent in a series of price hikes that were first announced in late November.
After receiving confirmation from rack and wire manufacturers that costs are going up by approximately $0.05 per pound, we think it's important for every business to take note of these changes. Hot-rolled sheet prices have risen by 15%, adding an additional $90 per ton. Bin manufacturers are anticipating a 5% net increase and structural rack has gone up $0.06 - $0.07 per pound... Even more than roll-form rack.
Industry experts say that the rapid run-up in prices has followed on the heels of an increase in demand for steel and the need for manufacturers to recoup margins that are being lost due to rising steel input costs.
It is important for every business to keep these changes in mind when it comes to planning and budgeting for your 2011 projects. Whether you're looking to reconfigure, buy or sell your pallet rack and material handling equipment, we have qualified sales representatives ready to help. For the Storage Solutions Solution, check out our website or give us a call at 866.474.2001 for the best prices on new and used pallet rack!