Increase in Raw Material cost

We would like to inform all our valued customers that due to the tremendous price increase for Nickel, a major component in the Stainless-Steel production, as announced on all major News Channels “Nickel prices double to record $100,000 a ton, trading is temporarily suspended”, that we are reviewing the financial impact on our pricing since all major casting houses announced a not determined price increase going forward.

Commodity prices in general have been spiraling upward on supply fears related to Russia’s onslaught of Ukraine, with the ongoing war and an array of Western sanctions raising disruption fears. The turmoil unleashed in commodity markets by Russia's invasion of Ukraine worsened as LNG orders. Three-month nickel on the London Metal Exchange briefly jumped to a record high above $100,000 per metric ton this week, before paring some gains.

Russia: Nickel trading suspended in London after prices hit $100,000 (cnbc.com),

We are monitoring the current global market and the impact at our suppliers with respect to price increases. Tri-Tec Manufacturing will revisit our current quotes to all our valued customers, but we remain confident, that the current situation will not be for the duration. However, we reserve the right to revise all our quotes submitted and going forward we may have to apply an additional surcharge of approximately 10% if the price of Nickel remains at the current level to cover the financial impact to Tri-Tec Manufacturing, LLC.

Please feel free to reach out to us for additional clarification or concerns you may have.


V/r
Peter Hitschler
General Manager & Director of Operations