Steel Prices

AM/NS Calvert Increases Sheet Again, Seeks $900/ton HR base
Written by David Schollaert
November 1, 2023
ArcelorMittal has joined U.S. Steel and Cleveland-Cliffs in aiming to push sheet prices higher, according to an internal commercial memo on Oct. 31.
In the memo, ArcelorMittal set minimum base prices for product from AM/NS Calvert – its joint venture mill in Alabama with Japan’s Nippon Steel – at $900 per ton ($45 per cwt) for hot-rolled coil (HRC) and $1,150 per ton for cold-rolled and coated products.
The increase was effective immediately and applies to all new sport orders as well as any offers received but not yet accepted by AM/NS Calvert. “We reserve the right to modify any outstanding quotations,” the memo added.
ArcelorMittal made the announcement at the same time that it opened its hot rolled and tandem order books for January,
It was AM/NS Calvert’s second price increase in less than 10 days and followed similar increases by U.S. Steel and Cleveland-Cliffs on Oct. 26 and Oct. 31, respectively.
Recall that the recent price hikes followed an initial increase by Nucor on Oct. 19. At the time, the Charlotte, N.C.-based steelmaker announced it would seek a minimum of $800 per ton for HRC.
SMU’s HRC price currently stands at $810 per ton on average.

David Schollaert
Read more from David SchollaertLatest in Steel Prices

SMU price ranges: Market stabilizes as summer slowdown begins
Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.

CRU: Pig iron prices stable to low in key markets amid soft demand
Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.

SMU price ranges: Indices drop across the board
All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.

HRC vs. prime spread narrows further in May
The price spread between hot-rolled coil (HRC) and prime scrap narrowed again in May, according to SMU’s most recent pricing data.

Miller on Pig Iron: Buyers eye lower prices
Since the US ferrous scrap settlements for May have been finalized, steelmakers are turning their attention to continued pig iron flows with the wind behind their backs.