Cleveland-Cliffs has joined Nucor in increasing spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt).
The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $900 per ton for hot-rolled cold.
Cliffs said the increase was effective immediately and applied equally to all new orders of hot-rolled, cold-rolled and coated products in a press release dated Monday, Feb. 13. It did not, however, provide target base prices for cold-rolled and coated material.
The move comes less than two weeks after Cliffs announced a $50-per-ton price hike and a target HRC price of $850 per ton.
Initial market reaction to the rapid-fire price increases was mixed.
The higher prices sought by Nucor and Cliffs are justified by production problems at other mills. That has left certain producers with little spot availability for March, some sources said.
But others questioned whether demand was strong enough to support the highest HRC prices since mid-July, according to our interactive pricing tool.
By Michael Cowden, email@example.com
Michael CowdenRead more from Michael Cowden
Latest in Steel Mills
Nucor to Partner with Fusion Company to Power US Mill
Nucor has announced a collaboration with fusion power company Helion to develop a 500-megawatt nuclear fusion power plant.
USW Taps McCall as New President After Conway’s Passing
The United Steelworkers International (USW) executive board on Tuesday appointed David McCall as the union’s new international president. He will fill the remainder of Tom Conway’s term.
USW International President Tom Conway Dies at 71
Tom Conway, international president of the United Steelworkers (USW) union since 2019, has died at age 71.
Stelco Considering Bid for U.S. Steel: Bloomberg
Canadian steelmaker Stelco Holdings Inc. is now in the mix to purchase U.S. Steel, according to an article in Bloomberg on Thursday, which cited people familiar with the matter.
USS Expects Lower Q3 Earnings, Says UAW Strike Partly To Blame
U.S. Steel expects earnings to drop in the third quarter vs. the prior quarter and the same period a year earlier as the company adjusts production because of the United Auto Workers (UAW) union strike.