Steel Products Prices North America

Cleveland Cliffs to Close Australian Business
Written by Sandy Williams
April 9, 2018
Cleveland Cliffs says it will exit its Australian iron ore operations by June 30, 2018. The company said in an April 6 SEC filing that increasingly discounted prices for lower-iron-content ore, the quality of the remaining iron ore reserves at APIO, and the lack of a legitimate offer from a qualified buyer, were factors in the decision.
Cliffs estimates total closing costs will be in the range of $140 million to $170 million exclusive of any proceeds received from sale of the assets.
The closure was expected at some point in 2018. CEO Lourenco Goncalves said during the last earnings conference call that the mining operations at Asia Pacific Iron Ore would occur when the mine was no longer profitable. The timing of the closure follows the March expiration of supply agreements with customers in China and Japan.
More details will be forthcoming during the first-quarter earnings call scheduled for April 20.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
SMU Price Ranges: Sheet floor holds as market debates upside
Our average HR coil price increased $5/short ton from last week, marking a second consecutive week of modest gains. Market participants generally attributed the increase to...
Thin demand keeps plate prices hovering at lowest levels since February
Participants in the domestic plate market say spot prices appear to have hit the floor, and they continue to linger there. They say demand for steel remains thin, with plate products no exception.
SMU Price Ranges: HR crawls back to $800/ton
SMU’s HR price stands at $800/st on average, up $5/st from last week. The modest gain came as the low end of our range firmed, and despite the high end of our range declining slightly.
SMU successfully completes IOSCO review
SMU has successfully completed an external review of all our prices. The review has concluded that they algin with principles set by the International Organization of Securities Commissions (IOSCO).
Domestic plate prices could heat up despite so-so demand, market sources say
Some sources also speculated that plate could see further price increases thanks to modest but steady demand, lower imports, mill maintenance outages, and end markets less immediately affected by tariff-related disruptions.
