A quick look at a few of the bigger things affecting our business this week.
Steel: Prices are still climbing. Hot-rolled coil is averaging $1,165/ton now, up from $1,135 two weeks ago. The bigger issue is lead times — mills are quoting 7.8 weeks on average, the longest we’ve seen since 2021, and some are already booking into October. If you’ve got a project coming up, get your material locked in now rather than waiting.
Oil: Another volatile week. Houthi forces shut down Saudi shipping through the Red Sea on July 20, and the U.S. responded with eleven straight nights of strikes on Iran. ANS crude jumped from $76.87 to $81.28 over the week, and Brent briefly touched $100. That’s the third significant swing in a month. If your project planning depends on oil prices, build in room for things to move fast.
Infrastructure: The House passed a highway funding bill out of committee with strong bipartisan support, but CBO says it still leaves a real gap in the Highway Trust Fund — roughly $99.5 billion short for highways and $48.2 billion for transit through 2031, even with new EV fees included. Current highway funding, along with what’s left of the infrastructure bill money, runs out September 30. Worth keeping an eye on if you’ve got government-funded work planned for next year.
Bottom line: Steel keeps getting more expensive, oil remains unpredictable, and federal funding has a deadline coming up fast. All three point the same direction — plan ahead. Reach out if you want to talk through what any of this means for your project.