Steel Prices Increasing Worldwide

There has been a lot of discussion about rising gas prices lately, but steel prices are also rising fast. The average consumer notices gas right away because we buy it often, but steel is also an important commodity that can affect the consumer's wallet in other ways.

The cost of steel is up about 40-50% since December. Toyota recently agreed to a 30% cost increase for steel purchases.

These costs will certainly be passed onto the consumer and result in higher prices on products ranging from automobiles to appliances. Automobile import prices have risen 3.3%, the largest rise in a dozen years.

Steel price indices us$