Skyrocketing Steel Prices Rocking Electrical Market; Shortages Possible

Electrical manufacturers are being forced to increase prices by at least 5 percent to 10 percent on steel products.

Industry observers say contributing factors include rising raw material costs, a weak U.S. dollar and other global factors.

According to several sources, the cost of iron ore is up 65 percent and scrap steel has gone up 36 percent over the past three months. Just four months ago, steel prices were $500 a ton, and now the price for hot-rolled steel has hit $800-pl

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