Re: April Price Increase REVISION- Now 15% effective with deliveries on or after April 2, 2023, AND a new 10% increase effective with deliveries on or after May 1, 2023.
Over the past several months steel mills have raised their prices considerably and we expect this trend to continue. We see five major events happening simultaneously in the industry to support their impetus:
The Automotive sector continues to strengthen, meaning they are consuming more steel.
The Mills have planned maintenance outages reducing available capacity.
The import of foreign steel remains at very low levels.
Spring restocking of Service Centers is taking place only adding to the already tight capacity constraints.
Steel scrap continues to be in short supply with prices on the rise.
Due to these factors, the steel industry continues to see strength with lead times extending and steel to be in tighter supply than usual. For these reasons Marino\WARE will revise our April 2 price increase to 15%. In addition to this revision, we will also increase prices 10% effective with deliveries on or after May 1, 2023 on all steel products.
Download official letter HERE