Steel Prices

U.S. Steel Raises Sheet Prices by $100/ton
Written by Michael Cowden
October 19, 2023
U.S. Steel on Thursday said it planned to increase spot base prices for steel sheet by at least $100 per ton ($5 per cwt).
The price hike was effective immediately, according to a letter from Chief Commercial Officer Ken Jaycox to his top sales lieutenants.
The increase from the Pittsburgh-based steelmaker follows price hikes announced earlier in the day by competitors Nucor and Cleveland-Cliffs.
It means that all major domestic sheet mills that publish price hikes have made a coordinated move to push prices higher.
Recall that there are four major sheet mills in the US: Cliffs, Nucor, Steel Dynamics Inc. (SDI), and U.S. Steel. But SDI does not typically announce price moves.
Cliffs announced a sheet price hike in late September that was quietly followed by other domestic mills. There has not been a public, coordinated attempt to increase prices since June.
Cliffs and Nucor set target base prices of $800 per ton for hot-rolled coil. That implies a target price of at least $1,000 per ton for cold-rolled and coated products.
U.S. Steel did not announce a target price. But market participants said the company was now seeking at least as much for sheet as its competitors.

Michael Cowden
Read more from Michael CowdenLatest in Steel Prices

SMU price ranges: Sheet and plate prices slip
Most sheet and plate steel prices declined yet again this week, with four of SMU’s five indices moving lower.

Nucor holds HRC CSP at $930/ton for third week
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil remained unchanged this week.

CRU: Chinese steel export prices mixed, although local buying improves
Chinese export prices for longs were almost steady this week, while those for flats generally declined as producers cut prices to secure deals.

HR Futures: Nascent rally in HRC futures settles above 6-week downtrend
The CME Midwest HRC futures market’s response to Trump’s election and subsequent comments about blanket 25% tariffs on Canada and Mexico was surprisingly counterintuitive.

SMU price ranges: Tags flat or down, sheet momentum ‘lower’
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.