Steel Prices Climbing

As the building season revs up, prices for construction materials are rising. Steel production costs are jumping from 3 percent for international materials to upward of 16 percent for US manufactured product.

After a long period of remaining unchanged, the selling prices of construction steel products on the domestic market have increased four times since the beginning of 2023.

As current strong construction increases, many general contractors are struggling to renegotiate and re-sign contracts with clients. For projects that are still under construction, some contractors are forced to renegotiate the deal. If the negotiation is not successful, the construction enterprise will likely face losses.

From the standpoint of International Ventures, the flexibility of the size of our organization gives us the flexibility to negotiate prices with our suppliers. Plus the diverse suppliers of IV enable customers to select materials at a more acceptable price than the current spot price. IV continues to honor all quotes.