Regarding the March 8th announcement and the March 22nd exemption of tariffs on steel and aluminum imports into the United States under Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. §1862):
The U.S. Government and Commerce Department announced the reversal of temporary exemption status for Canada, Mexico, and the European Union effectively reinstating the 25% tariff on imported steel as of mid-night, May 31st 2018. All materials sourced by Hyndman are of European origin and intentionally sourced from suppliers to ensure the highest quality. The tariffs are now in effect and all Iron-Chrome-Aluminum (FeCrAl) alloys will be impacted, as well as the N4 alloy (35%Ni, 20%Cr, BAL-Fe). Notification has been received of the immediate increase in raw material pricing between 10 and 25% from key partners in the supply chain which has prompted this notification of an increase to the Hyndman customer base.
The increase on all distributed FeCrAl (KA1, KD, KAF, and ALK) will be 10% with KAPM increasing by 6% and N4 increasing by 14%. This effect will be lessened for manufactured coils, heating elements, and heating element assemblies based on the complexity of the part and may range from 5 to 10%.
A tariff line charge will be invoiced in addition to the base price in an effort to maintain pricing transparency whereas the surcharge will be adjusted accordingly for the tariff. This tariff price increase will be applied and observed on shipments after June 1st, 2018.
Hyndman Industrial Products, Inc. will continue to closely monitor the modification of this tariff by the U.S. Government and Commerce Department and will work with the supply chain and trade partners to ensure a continuous supply of raw material to meet current and future commitments in a reasonable timeframe and at a competitive price.
If you have any questions or concerns with how this tariff will potentially affect your business through the supply from Hyndman Industrial Products, Inc., please contact us by phone at 888-496-3626 or by email at email@example.com.
Sales & Marketing Manager
Hyndman Industrial Products, Inc.
Posted in: General