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: Market stable amid post-Thanksgiving glut
Steel sheet prices remain at or near multi-month lows, while plate prices continue edging lower from their mid-2022 peak.
Nucor again holds HR spot price at $750/ton
For the fourth week in a row, Nucor will keep its published spot price for hot-rolled (HR) coil unchanged.
SMU Community Chat: Timna Tanners on ‘Trumplications’ for steel in 2025
Wolfe Research's Managing Director Timna Tanners discusses the 'Trumplications' for steel in the coming year in this week's SMU Community Chat.
Nucor raises hot rolled spot price to $750/ton
Nucor raised its weekly consumer spot price (CSP) for HRC this week to $750/short ton.
SMU price ranges: Most sheet and plate products drift lower
Steel sheet prices mostly edged lower for a second week, while plate prices slipped for the third consecutive week.