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Update – September 21, 2022

We have received some updates from our outside vendors about changes in material costs over the past couple of months that we wanted to let you know about. Across the board, prices have been rising. According to one of our plating vendors, all manufacturers and services providers have seen cost increases, no matter the business.

The vendor informed us that they’ve received price increases and supply restrictions for different items nearly every day, sometimes without any prior notice. They and many others have had to adjust their prices as a result. As of the end of June, they’ve increased all of the selling prices of their parts by 18%, and they’ve adjusted their minimum charges as well.

Shipping companies are no exception. We’ve heard that they’ve had to increase their fuel surcharge multiple times because of the increase in diesel prices. Diesel fuel prices have increased by 33% since April, so as of July 1, 2022, so one of the shipping companies we work with has increased their fuel surcharge to $40. They’re hoping to see some relief soon.

SPM does not plan to change our prices as of now, but we want to keep you informed on the recent changes. We will continue to monitor the situation and let you know about any updates we receive as time goes on.