We don't work at Boeing but my husbands job makes things for Boeing out of metal. Lots of friends and family also who do work for Boeing. My job uses lots of metal in their products also.
So, you then understand that material costs are a very small part of the equation. Most cost is value added by labor.
Take the average cost of a car $36,000.... it uses a ton and a half of steel. Today the commodity price of rod steel is $700.00. A 25% increase would $175.00 ... that is a metric ton. You add less than $300.00 to the price of a car with this.
Or as a Simple Bricklayer would look at it. I charge $1.10 (labor/overhead) to lay a brick under production conditions. A brick cost another $0.40. For a cost(we will , for simplicity forgo other material/job specific costs)of $1.50.
Say you increase my brick costs 25%..... or $0.10 in this case. I now have to charge $1.60 a brick to lay. A , rounding up, 7% increase in costs. And that is on the most material driven work...production. It actually is far less, probably under 5% increase when actual other factors on a competitive bid are factored in.