Last Updated: July 29, 2021
Like many other building materials, steel is experiencing an ongoing period of fluctuation in price and availability. In an ongoing effort to keep our customers informed of recent market changes, we will be keeping this webpage up to date as any new developments arise.
If you have any questions or concerns about a potential or ongoing building project with Norsteel Buildings, please reach out to us directly and we will provide more details.
What is Causing the Price of Steel to Rise?
In the early days of the COVID-19 pandemic, steel mills around the world temporarily shut down production. At the time, many were expecting the economy to head into a recession or even a global economic depression, so production was tempered in expectation of this.
However, the drop-off in demand that many predicted never came. Instead, as millions around the world were forced to stay indoors many took to upgrading their homes. Funds that once would have been spent on travel and entertainment were instead funneled into new vehicles, barbecues, refrigerators, and other steel-heavy products like pre-engineered garages and workshops.
This temporary halt in production coupled with the increased demand for steel products caught the entire industry off-guard. As a result, since the beginning of the pandemic in March 2020 the price of steel has been steadily increasing; the benchmark price of steel has risen a staggering 215% since the beginning of the pandemic.
What This Means for You
Market analysts are now predicting that demand caused by the re-opening of the economy will result in the price of steel continuing to rise into 2022. As a result, it is very likely that Norsteel’s pricing and delivery times will fluctuate in the months to come.
We are currently helping customers plan for Spring building deliveries. We encourage all our customers not to delay their building purchase, as there is no guarantee that the supply of steel will improve in the new year. Instead, we recommend that you reach out to us as soon as possible. We will provide your engineered drawings now so that you obtain building permits in a timely manner that will not hinder the construction phase of your project in the Spring. We are also advising our customers to prepare their foundations now so their buildings can be assembled as soon as they arrive.
Regardless of what stage your project is in, we assure you that our team is working tirelessly to find you the best solution, the best pricing, and the best delivery times possible.
- If you are considering a purchase, please make sure you are speaking with one of our expert Building Consultants regularly to check the status of your building quotation. Depending on how long ago you received your quote, the cost of your project may have changed.
- If you have already purchased a Norsteel Building, depending on the complexity of your project, it could take anywhere from 4 to 12 weeks to receive your engineered drawings. Our EasyBuild structures are the exception with permit drawings available in 2 weeks’ time. Regarding delivery times, please keep in contact with your Norsteel Consultant for up-to-date information.
At Norsteel, we are working tirelessly to keep our customers and contacts up to date on the changing market conditions. We have already provided three updates via email but moving forward we will also update this article with any new information that becomes available.
Again, please reach out to us directly at (866) 971-7575 if you have any questions or concerns. Norsteel has several manufacturing plants at our disposal, and our team will work with you to minimize costs and timeline impacts as a result of these broader market circumstances.