Copper prices are up 15% since January. Steel is up about half that much.
At this time of year we have a lot of open bids where we have not signed contracts yet. How do you protect yourself from price increases between the bid date and order date????
Most wholesalers will only honor their quoted prices for 30 days. With the volatile commodity market we have right now some wholesalers won't hold a price past "today".
Trying to renogotiate the price at contract time reopens the door to your competition.
If you have already had proposals signed I'm not sure there's a whole lot you can do other than try to renegotiate. If you are just starting to place bids, I would leave a open market price on all wire and steel.In other words, prices on wire and steel subject to price increase. Have prices available for that day only as it may change daily.
