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Romex is expensive today compared to 2 years ago because it is made from copper. In Nov 2020 copper traded at $2.20 per pound on the COMEX and today it trades at about $4.50 per pound. Since the cost of the raw metal doubled, the cost to manufacture romex has increased and in turn the retail price is higher.
Why is there a shortage of Romex wire?
Covid-19 shutdowns, growing demand, lack of investment, lack of discovery of new deposits, truck driver shortage, strikes, delays at U.S. ports of entry, and supply chain disruptions have all contributed to the problem.
Why is nm wire so expensive?
These price increases are due to factors such as China’s economic recovery from the pandemic, sustainable green energy stimuluses, and supply disruptions. China’s rising industrial production along with aggressive sustainable energy initiatives accredits the country to being the highest consumer of copper in the world.
Why is Romex more expensive than MC?
When it comes to pure MC cable versus Romex cost, Romex is about 25% cheaper than MC cable due to the fewer source materials and lower shipping costs. In terms of installation, Romex can cost more than MC cable if a protective conduit is required.
Why are copper wire prices so high?
Copper prices have surged in 2021. The base metal remains in high demand, much thanks to its need in green energy projects and electric cars. In May 2021, commodities analysts at Goldman Sachs called copper ‘the new oil. ‘ That’s because electric cars need several times more copper than their gas-powered counterparts.
Why is 12 3 Romex so expensive?
Romex is expensive today compared to 2 years ago because it is made from copper. In Nov 2020 copper traded at $2.20 per pound on the COMEX and today it trades at about $4.50 per pound. Since the cost of the raw metal doubled, the cost to manufacture romex has increased and in turn the retail price is higher.
Is electrical wire going up in price?
Tracking the Cost of Copper Wire Copper wire prices began to rise again significantly towards the end of 2020, increasing more than 14% as we rang in 2021. Overall, a nearly 67% increase since the third quarter of 2020 — copper wire’s highest price in recent years.
Why is UF b cheaper than NM?
Currently, many big box stores have the UF-B marked less than the NM-B cable. That’s because the price is not as inflated from demand like NM-B. NM-B is also used more frequently because it is WAY easier to work with.
Is Romex wire copper?
Romex Wires are non-metallic wires that are commonly used for electrical wiring in homes. Romex consists of one or more copper wires, a neutral conductor and a ground wire. The copper wires are individually insulated and the entire bundle of wires is sheathed in a plastic coating.
What is the difference between white Romex and yellow Romex?
There is a significant weight difference between the 14- and 12-gauge ROMEX®. White ROMEX® with two wires, 14-2, weighs 57 pounds for every 1,000 feet of wire. With three wires, 14-3, the weight increases to 74 pounds. Compare this to the weight of yellow ROMEX® at 82 pounds.
Can Romex be exposed in a metal building?
Romex can be used in a metal building as long as the cable is protected through the holes in the studs with bushings. You should be careful to meet the support requirements in vertical strokes and boxes.
Is Romex wiring still used?
14 gauge Romex is still used in some applications and is rated for 15 Amps and is grey jacketed. 10 gauge Romex has an orange jacket and is used for water heaters or clothes driers. For our cabin, we used 12 gauge Romex for all of the outlets and lighting circuits.
Why is it called Romex wire?
The Romex name comes from Rome Cable Corp. of Rome, New York, which originally produced the cable. The company was an industry leader until it filed for bankruptcy in 2003 and its factory was largely demolished in 2010.
Will copper prices go up in 2021?
The demand for copper is expected to rise further amid rising concerns about low copper inventories. The IMF projects the growth of the copper price from an average of $6,174 per metric ton in 2020 to $8,313 in 2021, followed by a gradual decline to $7,600 per metric ton by 2026.
Why are we running out of copper?
However, copper can be regarded as one of the few metals that is fully sustainable. Whilst we shouldn’t run out, the demand for copper is growing and this may lead to shortages in the future until new deposits can be mined economically.
Why is copper stolen?
The demand for copper from developing nations such as China and India is creating a robust international copper trade. Copper thieves are exploiting this demand and the resulting price surge by stealing and selling the metal for high profits to recyclers across the United States.
How much is Southwire worth?
Southwire is one of the country’s largest makers of electrical wire, cable and cord, with 2017 revenues of $5.5 billion and 7,500 employees, including about 3,000 in metro Atlanta.
Why are wires expensive?
Immediate Availability: The number one reason for the higher cost of wires is the immediate availability of funds. Banks charge fees because they take on risk to make money accessible quickly by releasing money from their reserve funds.
What is Romex wire made of?
Romex wire is made out of two or three THHN wires combined with a grounding bare copper wire. Like the THHN wires, Romex wire can’t be used outside because of its minimal PVC jacket protection.
Why are prices skyrocketing?
U.S. inflation is at its highest rate in nearly four decades this fall, reaching 6.8% in November from a year ago. Consumers are seeing prices rise sharply for a variety of goods and services because of persistent supply and labor shortages and strong demand.
What is the difference between NM and UF wire?
The primary difference between standard NM and underground feeder (UF) cable is in the cable construction. Standard NM cable contains wires that are wrapped with paper and a relatively loose plastic sheath. UF cable has wires that are completely encased in solid plastic.
Is Romex suitable for outdoor use?
Romex© Outdoor Conduit. Romex is a type of electrical wire used in various applications. Romex wires cannot be used outdoors because, if it gets wet with water, gas, oil or another solvent, these liquids could penetrate the jacket and ruin the connection by getting in contact with the bare copper ground wire.
What does UF-B stand for?
Type UF-B (Underground Feeder and Branch-Circuit Cable) is generally used in underground, direct burial installations as branch circuits and/or feeders to outside floodlights, sewer pumps and motors, electric gates and other loads typically supplied from a distribution system.
