With the world still struggling to shake off the effects of the global recession, it seems that prices of everyday items keep going up.
Food, gas and any other non-discretionary items continue to increase in price with no end in sight.
So what about fasteners?
How are they affected by the world wide slow down and will the cost of purchasing them go up in the near future?
According to an article on the IFW web siteâ€”a freight and logistics news siteâ€”the price of freight is going up. Here is a link to the article titled “TSA says transpacific rate hikes are justified.”
As such, yes, you would expect the price of fasteners to go up since the cost of freight is a major contributing factor to the end cost of imported product.
In addition to rising freight costs, the US dollar continues to weaken against the Chinese currency meaning that goods will be increasingly expensive to buy from overseas.
So what does all of this mean?
It means that without a doubt the price of wire rod and, as a result, fasteners, has to go up in the near future as transport costs, currency rates and overall inflation continue to change the way we buy things.
Are you prepared for the price increase? Have you already started seeing increases? Let us know what you’re seeing in your local market.
We want to hear your story!