In recent months, the steel market has experienced significant volatility, witnessing a substantial increase exceeding 30% from earlier lows this year. The surge in wide coil costs is attributed to several factors, including limited availability due to manufacturers scaling back capacity, ongoing import tariff and duty restrictions impacting supply, and sustained robust demand within the general industrial market across North America. Additionally, futures indicate a potential for further price escalations into early 2024. As a result of these market dynamics, our manufacturing mill (Atkore/Unistrut) has implemented a 10% price adjustment on Channel received after December 18, 2023. Pricing for Unistrut fittings, channel nuts, and hardware will not be impacted by this announcement.
We encourage customers with current needs to place orders now to take advantage of the old pricing structure. Thank you for your continued trust and partnership with Unistrut Service Company. We appreciate your understanding and look forward to continuing to serve you with our best-in-class products and services. To discuss your current and future materials needs, contact us, and one of our team members will gladly lend a hand.