The global steel market is rapidly changing. Demand worldwide is rising, while supply disruptions continue to mount due to the conflict in Ukraine, where key raw material exports have become more limited for steel production facilities., causing steel prices to increase. Along with this, shipping and freight continue to rise because of sanctions placed on Russian oil and gas, helping to raise the cost of fuel needed to transport these steel products.
Because of these increases, domestic steel mills have announced an increase of $200/TON, or 10%. We will be holding current price levels through close-of-business today, 4/1 and will be implementing a new list price on Monday, 4/4.