Price increases to be effective Oct. 18
ELK GROVE VILLAGE, ILL [Sept. 20, 2021] – The metals industry continues to experience booming demand and constrained supply, causing a shortage of material throughout the supply chain while prices continue to rise. Raw steel and aluminum ingot are trading at record high prices, demand is high on a global scale and availability is tight across the market. In addition, the cost of PVDF resin, the basis of the PAC-CLAD finish, has risen dramatically due to the demand for lithium batteries in electric vehicles (PVDF coatings are necessary to protect the batteries).
Elsewhere, a coup in Guinea has driven up aluminum pricing to unprecedented levels. Guinea is one of the world’s largest suppliers of bauxite, a main ingredient in aluminum coil. Consolidation at the mill level has put Petersen’s suppliers in a position to have tighter control over production than in the past. The result is a market unlike anything experienced in more than 40 years.
Accordingly, due to current market conditions, effective Oct. 18, 2021, Petersen will be raising pricing on its steel and aluminum products 7% to 10% depending on the item. All products will be billed at price in effect at the time of shipment.
Download a PDF of President Mike Petersen’s letter to customers.