Whether you’re in the construction industry or merely a hobbyist, if you regularly buy fasteners, you’ll have noticed that the prices have gone up and continue to do so. In some cases, prices have increased by hundreds of percentage points in the last 12 months alone.
We’ve already written about the actions we’re taking to mitigate these price increases. Still, it’s worth delving a little deeper into what’s going on in the industry, why prices continue to spiral, and offering suggestions to protect yourself from the worst of the increases.
Why Fastener Prices Are Dramatically Increasing
Several factors are driving the price increases, and multiple layers of the supply chain are combining to push up prices.
First and foremost, the price of steel (the most popular fastener material) continues to rise. Global prices have risen by over 1000% compared to the bottom of the market reached at the outset of the pandemic. In many ways, the pandemic is to blame for a large portion of the price increases, with supply chains still not back up to capacity despite demand returning to pre-pandemic levels.
Freight shortages and raw material price increases have made the manufacture and transportation of steel much more expensive. Nickel, in particular, which makes up 8-10% of stainless steel, has risen as much as £13,000 per tonne. This is due, in large part, to the increase in electric vehicle (and battery) production, which is only set to increase over the coming months and years.
Then there’s the Ukraine-Russia conflict, which is not only causing volatility and instability in the steel supply chain but also driving up the costs of electricity and wholesale gas, which has already been well-documented due to its impact on residential living costs.
Lastly, due to the continuing price rises, major firms are stockpiling fasteners and other steel-based construction materials to hedge against further price increases, which is an activity that ironically drives up the price even higher.
What Can You Do to Protect Yourself Against the Fastener Price Increases?
As an end consumer of steel fasteners (and other fastener materials), it’s a tricky time to firstly source the fasteners you need and, second, pay a price you can afford for your specific project.
That’s why, at Leyton Fasteners, we’ve mobilised quickly to help protect our customers. We’ve increased our supplier pool and got hard to work on securing alternatives to the items in the shortest supply. We’ve also dramatically increased our stockholding to ensure you can access the fasteners you need, when you need them.
By working closely with a supplier such as Leyton Fasteners, you can protect your business or personal projects from the worst of the price rises by ensuring you have a steady supply of fasteners at a fair price.
Contact Leyton Fasteners Today to Shore Up Your Fastener Supplies
With prices continuing to spiral, forward planning can make an enormous difference to your costs. That’s why it’s an excellent idea to get in touch with us as soon as possible with your specific requirements so we can ensure we have exactly what you need when the time comes at a price you can afford.
We are available at 0151 355 8045 during office hours to discuss your requirements, or you can send through a quotation request to firstname.lastname@example.org. Alterivaitly, you can view our current product availability here.
We look forward to helping you navigate this tricky period soon.