The increase in tariffs on lubricants and lubricant additives is the result of the Sino-US trade war, but steel tariffs are a protectionist measure proposed by the United States against most steel-producing countries in the world. On March 23 last year, the Trump administration proposed to impose a 25% steel tariff on all countries except Argentina, Australia, Brazil and South Korea.
In this regard, Suzan Jagger, president of Share Jagger Advisory LLC, said that the additional tariffs have increased the cost of lubricating oil steel drum packaging by about 5 cents per gallon. There is also news that some European customers are reducing the cost of other steel drums. Tax rate countries to find suitable suppliers.
In the packaging industry, in order to avoid rising costs caused by tariffs, the practice of changing suppliers is not new, especially when steel prices have historically fluctuated. Ed West, senior vice president of General Steel Drum Co., Ltd., said: "When the price of steel increases and the cost of steel drums increases, some customers will always be lost."
According to West estimates, "With the tariff increase, the domestic and foreign (steel drums) sales price has risen by 12 cents, reaching 15 cents per pound." He also pointed out that the tariff increase has also resulted in lubricant steel drums The price of steel parts in the packaging has increased, such as the steel ring at the mouth of the open barrel.
Short comment: While the price of oil drums is rising, the price of steel drum closures is also rising. The company's products mainly include drum closure, cap seal, lock ring, clamp, bolt, etc.
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