Earlier this year, the Rotation Engineering & Manufacturing blog reported on the worldwide record-setting industrial steel prices, which have been holding tight since the start of the COVID-19 pandemic.
At the time (January 2021), costs had recently surpassed $1,000/ton, but many analysts were optimistic that prices would soon start dropping back to normal. Unfortunately, that hasn’t been the case: prices continued to shoot up beyond $1,260/ton in March, and have now surpassed $1,360/ton as we head into May of 2021. As a point of reference, this compares to pre-COVID prices of $603.52/ton averaged over the course of 2019.
Is Price Relief on the Horizon?
Eventually the steel economy will stabilize, but not in the immediate future. As of April 28th, S&P Global reported that steel price forecasts remained on the rise. Their analysis came with the prediction that prices would surpass $1,500/ton by the end of June 2021.
Regardless of the rising cost of steel and other raw materials, you can rest assured that Rotation Engineering & Manufacturing will continue to leverage our superior buying power, vendor network and unparalleled production efficiency to provide precision metalworking solutions as cost-effectively as possible.