Steel Products Prices North America
Cleveland-Cliffs Puts HBI Construction on Hold
Written by Sandy Williams
March 20, 2020
Cleveland-Cliffs has temporarily shut down construction activity at its hot-briquetted iron (HBI) site in Toledo, Ohio, due to the COVID-19 virus.
All construction at the site will cease at the end of the business day on March 20 until further notice. Cleveland-Cliffs’ iron ore mining and steelmaking facilities will continue operations.
The Toledo plant is nearing completion and a June 2020 start-up will now be delayed. Cliffs anticipates the new facility will have a nominal capacity of 1.9 million metric tons of HBI per year.
Commenting on the temporary shutdown, Key Bank analyst Phil Gibbs said,” We expect other players in the metals and mining supply chain to further stagger or delay growth capex projects in an effort to protect workforces and preserve corporate liquidity amidst challenging near-term demand trends.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
SMU price ranges: Flat-rolled balloon continues to leak
Sheet and plate prices were flat or lower again this week on continued concerns about demand and higher production rates among US mills.
HRC vs. busheling spread narrows in August
The price spread between prime scrap and hot-rolled coil (HRC) narrowed in August, according to SMU’s most recent pricing data.
SMU Price Ranges: Market drifts lower still
All five of SMU's steel sheet and plate price indices declined this week, falling to lows last seen in February.
Discontentment brews in plate market with flat, status-quo pricing
Sources in the carbon and alloy steel plate market said they are less discouraged by market uncertainty resulting from tariffs or foreign relations, but are instead, eager to see disruption to the flat pricing environment.
Nucor lowers HR coil spot price by $15/ton
Nucor has implemented a double-digit price decrease on spot hot-rolled (HR) coil for the second consecutive week.