Market Segment
ArcelorMittal Up $50/ton on Sheet, Seeks $950/ton HRC
Written by Michael Cowden
June 19, 2023
ArcelorMittal has followed U.S. Steel and Nucor in an attempt to increase sheet prices by $50 per ton ($2.50 per cwt).
The Luxembourg-based steelmaker also specified new minimum base prices: $950 per ton for hot-rolled coil (HRC) and $1,150 per ton for cold-rolled and coated products.
ArcelorMittal made the price hike announcement with the opening of its hot rolled book for July. The company also said it was limiting tandem products to existing contracts for August bookings.
“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 to sales staff on Friday, June 16.
The move one-upped Charlotte, N.C.-based Nucor, which had earlier on the same day announced a new minimum base price of $900 per ton for HRC. U.S. Steel did not specify minimum pricing in its announcement.
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.
Some market participants speculated that other mills might announce increases on Tuesday, following the Juneteenth holiday on Monday.
By Michael Cowden, michael@steelmarketupdate.com
Michael Cowden
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