March 2025 Nickel & Surcharge Update
Monthly Nickel and Surcharge Update
March 2025 Update
Thanks for reading the Ram Alloys Monthly Nickel and 316L s/c update, intended to help our valued customers make educated business decisions.
THE THREE (3) TRUMP TARIFFS
- Drug War: 25% Tariff on Canadian and Mexican Imports | 20% Tariff on Chinese Imports
- Tariffs went into play on March 4th
- Trump paused tariffs on certain Canadian and Mexican goods on March 6th
- Steel War: 25% Section 232 Tariff on all Steel and Aluminum Imports
- Starting March 12th
- Quotas Eliminated
- Exemption Process Terminated
- Trade War: Reciprocal Tariffs TBD, awaiting
- Researched Government report on trade imbalances by country due April 1st
- President Trump to announced "real tariffs" on April 2nd
Current Take
RAW MATERIAL PRICES: Surcharges will remain stable for April, and likely May, but tariff downward pressure on US Dollar is pushing Nickel higher. However, surcharges are not the current consideration - tariffs will increase prices. When and how much is yet to be determined due to the amount of uncertainty and constant change. It appears President Trump is driving with two feet, making it impossible to plan.
LEAD TIMES: Domestic steel capacity is insufficient to fulfill US demand in any market, so you can imagine what tariffs will do to lead times (and pricing).
BASE PRICES: Carbon mills have increased pricing on tariff news, stainless mills are simply adding the tariff. We expect domestic stainless mills to raise prices like they did in 2018. Continue to monitor EU energy costs.
ADDED COST: NEW CONTAINER FEES OF UP TO $1.5MM ON CHINESE VESSELS. SHIPPING PRICES WILL RISE.
SECTION 232: March 12th - 25% tariff will apply to all imported steel an aluminum. Quotas and exemptions were eliminated, so we removed the tracking websites section at the bottom of our update.
RAM'S RECATION: Filter the noise. Control what we can control. Attempt to define as many variables as possible in a world surrounded by unknowns. Leverage our inventory, operational excellence, and market knowledge to assist our customers in times of crisis. In other words...business as usual.
Yearly/Monthly 316L s/c and Ni Charts
Industry News
Click the links to read the articles below:
- US Dollar Sinks due to growth concerns/tariffs
- Trump Administration proposes steep fees on Chinese container ships
- Trump pauses tariffs on certain Canadian and Mexican goods
- US Levy Fees on Chinese Ships
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