At TMC Engineering, we’re committed to providing you with the highest quality steel buildings and transparent information to help you plan your projects effectively. As you may be aware, the global steel market is currently experiencing significant volatility, and this has led to upcoming price adjustments from our key suppliers, Hypersteel, Star Building Systems and MBCI. We want to ensure you’re fully informed about these changes and how they might impact your upcoming builds here in the beautiful Bahamas.
The Driving Force Behind the Increases: Global Market Shifts
Both Hypersteel and Star Building Systems have communicated that these price increases are a direct result of ongoing volatility in the steel market as we move into the second half of 2025. This instability is influenced by a combination of global price fluctuations, evolving supply and demand dynamics, and significant changes in trade policy. A major factor cited is the recent announcement by President Trump to double Section 232 tariffs on imported steel and aluminum from 25% to 50%, effective June 4, 2025. This tariff hike is expected to considerably raise domestic steel prices due to the US reliance on imports to meet demand.
Specifics of the Upcoming Price Adjustments
Hypersteel & MBCI Buildings:
Effective Monday, July 14, 2025, Hypersteel buildings will see a price increase of 9%.
Star Building Systems:
Star Building Systems is implementing a price increase of up to 6%. This increase goes into effect on Friday, June 27, 2025.
The Bahamian Impact: Customs Duty and Freight
For our valued customers in the Bahamas, it’s crucial to consider the additional layers of cost that these increases will affect. When importing steel buildings to the Bahamas, you already account for customs duty and freight charges.
- Customs Duty: As the base cost of the steel buildings increases, the customs duty, which is a percentage of the imported value, will also proportionally rise. This means a 9% increase on a Hypersteel building or up to a 6% increase on a Star Building System will translate to a higher customs duty payment at the port of entry.
- Freight: While freight costs are primarily driven by weight and volume, any changes in manufacturing or material sourcing due to global market shifts could indirectly influence freight rates. We are constantly monitoring these factors to ensure the most cost-effective delivery to the islands.
Planning Ahead with TMC
We understand that market fluctuations can be disruptive, and we are here to help you navigate these changes. We strongly recommend that you:
- Act Quickly on Existing Quotes: If you have an active quote, particularly for a metal building, consider placing your order before the June 27th deadline to lock in current pricing.
- Discuss Your Project Timeline: For new projects or those on hold, reach out to us at TMC to discuss the potential impact of these increases on your budget and timeline.
Your business and partnership on every project are greatly appreciated. We are committed to ongoing communication to help you manage your projects and customer relationships during this dynamic period.
Please do not hesitate to contact us with any questions or concerns. We are here to ensure your residential and commercial building projects continue to be a success.