Steel Mills
ArcelorMittal Increases HRC Target Price to $1,150 Per Ton
Written by Michael Cowden
March 3, 2023
ArcelorMittal said its new, minimum base price for US hot-rolled coil is $1,150 per ton ($57.50 per cwt).
The Luxembourg-based steelmaker said the move was effective immediately and coincided with the closure of its April order book for hot-rolled and tandem products.
“The increase is applicable to all new spot orders and all recent quotations that have not yet been accepted by AMUS—AM/NS Calvert,” the company said in a letter circulated among its commercial team on Friday, March 3.
ArcelorMittal also said it had opened its May order book for tandem products but that its May order book for hot-rolled coil wouldn’t open until Wednesday, March 8.
The move comes just 10 days after the company announced a sheet price hike of $100 per ton and a new minimum base price of $1,000 per ton for HRC.
It broadly follows a similar announcement made by Charlotte, N.C.-based Nucor, which announced a $150-per-ton sheet price hike and a new HRC base price of $1,150 per ton.
ArcelorMittal, in contrast, did not specify how much it had increased prices by.
ArcelorMittal is one of the largest steelmakers in the world. Its presence in the US comes primarily via AM/NS Calvert, a joint-venture sheet mill in Alabama with Japan’s Nippon Steel.
By Michael Cowden, michael@steelmarketupdate.com
Michael Cowden
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