Surging Stainless Prices
Have you heard about the price of stainless? A year ago, I advised a customer, “Stainless is the new lumber.” At the time, the market for wood was sky high and headed north. People couldn’t build fast enough, couldn’t find material, couldn’t ship material, couldn’t harvest enough trees to keep us supplied with toilet paper, let alone pallets.
Since then, you have noticed the price of gas has gone up. And you may have heard that used trucks are demanding a premium. And new trucks. And eggs. Milk. Homes. Taxes. Everything but wages.
Stainless steel will not be outdone. March saw a 90% spike in nickel price, with an April increase of an additional 25% on its heels. Nickel is the added element that makes steel stainless. So if you watch nickel prices, you’re watching the stainless price.