Due to the significant rising cost of raw material materials over the last several months a price increase of valve are required.
1. Raw material
On July 9, the article of Furtune said:" Since March 2020, steel prices are up a staggering 215%." Due to the Covid-19, many steel mill shutoff production, but the demand of steel-heavy products are high.
2. Shipping cost
Soaring demand, a shortage of contianer, saturated ports and too few ships and dock workers. Shipping companies raised costs to face these problems. For example, transporting a 40-foot container of cargo by sea from Shanghai Port to Rotterdam Port is 547% higher than seaonal average over the last five years.
These costs are already being passed to consumers. Recent Covid outbreaks in Asian export made matter worse.
As to the above reasons and it seems will be last a long time, the price of steel valve and stainless steel valve is expecting to rise for a period.
