Case and Volvo announced this week at the Bauma trade show they would be increasing the prices of their equipment by a few percentage points to combat rising steel costs.
Case will increase its prices by 3 percent in North America, while Volvo plans to hike prices 2 to 3 percent worldwide beginning June 1. JLG previously announced it would include a “temporary steel surcharge” to help cover the extra costs.
Caterpillar spokespersons at Bauma said the company has no announcement at this time. Caterpillar said previously that in addition to some long-term contracts and negotiated pricing with some of its major suppliers, it has “a number of efforts under way” to help contain prices.
The recent spike in the price of steel has already affected contractors, with everything from drywall studs to rebar becoming more expensive. While many equipment manufacturers expected contractors to purchase more new equipment this year thanks to the recovering economy, the high cost of steel may influence them to stick with their current machines.
Bauma, a construction and mining trade show, is being held through April 4 in Munich, Germany. Approximately 400,000 visitors and 2,000 exhibitors are attending the show.