Steel Prices
Nucor, Cliffs seek to set floor under HR prices
Written by Michael Cowden
March 7, 2024
Nucor and Cleveland-Cliffs on Thursday announced target minimum base prices for hot-rolled (HR) coil. Both said the moves were effective immediately.
Nucor was the first to announce, targeting $825 per short ton (st) for HR coil. The target was higher ($1,025/st) for heavy-gauge hot-rolled products. Namely, for products with a thickness of 3/4 of an inch or more.
“We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said.
Cliffs followed on Thursday evening and modestly upped the ante. It announced that it would seek at least $840/st for HR. Cliffs also said that it was increasing spot prices for cold-rolled and coated products. But it did not specify minimum pricing for tandem products.
The attempt to put a floor under HR prices follows a period of extended declines. SMU’s HR price stands at $815/st on average, down $15/st from last week and down $230/st from the beginning of the year.
Michael Cowden
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