Oil is not the only commodity on the rise right now, steel and other precious metals are also skyrocketing What does this mean for you? It could mean higher power tool prices. A lot of power tools use steel and other types of metal for their motors, blades, table tops and more.
Currently, the price of steel is going up for a couple of different reasons. The main reason being demand from China and India. Currently these two countries are going through a huge growth spurt and building like crazy. As we all know, steel is the number one metal used in any sky rise. Another major reason for prices increases is the value of the dollar. Currently the dollar is at an all time low, which means our goods are cheaper to buy compared to foreign goods. This causes the US to export more steel; therefore, we have less supply here and less supply with the same demand will cause the price to go up. The last reason that power tool prices might go up is the cost of freight. This isn’t a huge factor, but it does play a decent role.
So if you are looking for a new power tool, you might want to keep checking your favorite shopping places and watch the prices. Prices may only be going up from here, so now may not be a bad time to buy!
