Steel plate up 75% since 2016... Did YOUR prices go up 75% too...!?
Steel rod up 30% since last year too... Cold roll steel up 16% since last year too...
Average field labor cost for production/non-supervisory Oil & Gas services up 15% in less than 1 year too...
Aluminum rose $135 (5.6%) to close at $2,525 per metric ton ($1.15 per pound) in London yesterday, as the reduction of available supplies from Russia continues to exert upward pressure on prices.
Nickel jumped $1,200 (8.5%) to close at $15,375 per metric ton ($6.97 per pound), also because of supply issues from Russia.
Zinc closed up $104 (3.3%) at $3,254 per metric ton ($1.48 per pound).
Lead gained $40 (1.7%) to close at $2,375 per metric ton ($1.08 per pound).
Tin rose $375 (1.8%) to close at $21,575 per metric ton ($9.79 per pound).
In New York, Copper for July delivery closed up 7.85 cents (2.5%) at $3.1815 per pound.
In London, Copper for delivery in 3 months rose $156 (2.3%) to close at $7,021 per metric ton ($3.18 per pound).
Do I need to keep going...!?
The point is: if your supply chain team is not hyper-proactive, and if you do not surgically monitor supply chain price increases and not collaborate with your supply chain, commodities inflation and suppliers' price increases will eat your freshly recovered price increases and margin improvement from Oil prices heading toward $70/barrel... So brace yourself...
May need help to get there?
Our SCD 360 Supply Chain SaaS solution, which we can customize to YOUR commodities basket + our should cost modeling services, can help your supply chain team now, and maintain a sustained monitoring solution over time.
When I was a CPO, I dreamed many times that I would have such a solution at my fingertips and for my supply chain team... since I could not find one, I built one...! And I am making it available to help you and your supply chain team! So feel free to contact us if you want to know more.