Steel Prices

Nucor, Cliffs seek to set floor under HR prices

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

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He has since 2014 specialized in flat-rolled steel but has previously reported on steel long products, steel pipe and tube as well as aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago - where he was involved in launching AMM's daily hot-rolled coil index, 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.