January Blog – Steel Market Update

January 19, 2021

Pandemic Effects and Brexit Transition Period ends
 

Over the last few months it’s become apparent that material prices are rising due to various market conditions.

MEPS (world leading independent supplier of valuable steel market data and information) have  forecast that European coil prices will continue to rise, due to limited capacity and problems relating to the virus and economic situation.

The ever-changing market conditions are creating difficulties for buyers down the supply chain. This is being exacerbated by lengthening delivery lead times, with shipments from the mills now quoted at dates well into the second or even third quarter, for certain product categories.

According to Steel Market data the cost of Carbon steel has risen by a huge 60%

Equally Stainless steel prices have seen an increase from 10 – 15% recently.

In terms of Grenville Engineering’s supply of material, we have good relationships with several well recognised stockholders and will ensure that shortages of materials will not affect our supply of manufactured items into customers.

We are actively trying to beat and reduce the effect of increases, buying in advance and holding increased stock levels on certain items.

Our partnership approach with our client base means we endeavour to remain transparent with market demand that has an impact on component parts.

We remain vigilant with the upcoming changes and aim to update as soon as possible

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