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.

 ArcelorMittal“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

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

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