Metal prices hit record highs, costs of consumer goods to rise

Metal prices are surging to record highs as the commodities remain in short supply exacerbated by the war in Ukraine.

While both Russia and Ukraine account for 7.5% of global iron and steel exports, Russia makes up for 5% of nickel and 6% of aluminum production.

"Being able to get the material is the first hurdle, and the pricing is the second part," President and Founder of Hammersmith Metals, Jeffrey Herkes, told FOX Business. "Every 90 days I seem to be getting a price correction, whether it’s for the stainless steel that’s going up because of the nickel, chrome and other materials.

Milgo Bukfin, a Brooklyn-based custom metal fabrication company, is having to pass along the costs to clients due to the increase in material costs. The company provides services such as metal bending, laser and waterjet cutting, and full fabrication and finishing for commercial projects including One Vanderbilt, Hudson Yards and LaGuardia Airport.

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