DENVER — The increase in steel prices is causing price increases on several product lines, including another increase on Hercules manufactured products, which will increase in price by an average of 15%.
Several factors have led to these steel price increases including:
- Delayed demand from 2020 coupled with restricted material supply.
- Domestic mills late on deliveries causing spot outages in the markets. (Supply chain disruptions)
- US mills are on allocation – restricting material quantities that can be purchased.
- Availability of spot purchases with US mills is non-existent.
- Demand continues to be stronger than expected and mills are not able to keep up. (Demand is outpacing Supply)
- Global steel supply is also experiencing availability issues, lead times for foreign mills are about 4-6 weeks longer than domestic mills.
A summary table of the announced price increase:
| Vendor | % Increase | Date of Increase |
| Hercules Sheet Metal Products | 15% | 6/1/21 |
| JPL-Flexible Duct | 7% | 5/7/21 |
| Shoemaker- Grilles and Registers | 9% | 6/1/21 |
| Allied Air-Heating & Cooling Equipment | 5-7% | 6/1/21 |
| PMI-Evaporative Coolers | 10% | 4/26/21 |
| First Company- Air Handling Units | 6% | 6/4/21 |
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