US manufacturers struggle with steel price hikes

17 Sep 2021 CW Team

US manufacturing companies are struggling with the highest aluminium and steel prices in years, yet another hurdle for US industries struggling to make enough cars, cans and other products.

As per the company executives, the rapid increase in metal prices is pushing the manufacturers to take up any steel they get and hire more people to seek enough supplies.

Companies like Campbell Soup Co, Peloton Interactive Inc, Steelcase Inc, Ford Motor Co and General Motors Co are witnessing rising metal prices to produce consumer goods.

CRU Group estimated steel prices at $1,940 per tonne in September for 2019 and 2020. The US government's index-tracking shows that the prices of steel and iron have doubled in August from the year before.

According to the Labor Department data, the price hike is affecting the producers, especially cars and appliances producers. The prices of household appliances increased by 6.8% in August, the highest ever year-on-year increase in a decade.

The rising price of steel, aluminium and other metals poses another challenge to the US manufacturing industry of $5.9 trillion, which is already struggling with a shortage of semiconductor chips, logistics, and labour.

Kip Eideberg, head of the government relations for the Association of Equipment Manufacturers, told the media that manufacturers and trade groups say that the rising prices are due to the high demand for manufacturing goods. The tariffs imposed on imported steel, executed during the Trump administration, continue under the Biden administration, which is also a reason for high steel prices.

To continue production, factories are accepting non-standard metal sizes, bulking the supply chain team, increasing prices and turning to imports.

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Also read: Iron ore, steel, copper prices likely to become stable in few months

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