Steel Prices

ArcelorMittal follows Nucor, seeks $825/ton for HR
Written by Michael Cowden
March 8, 2024
ArcelorMittal is targeting a minimum base price for hot-rolled (HR) coil of $825 per short ton (st).
The Luxembourg-based steelmaker said the new floor price was effective immediately in a letter to its commercial team dated Friday, March 8.
“We reserve the right to modify any outstanding quotations,” the company said in the letter.
The move by ArcelorMittal came a day after Nucor announced a target minimum of $825/st for HR. That is lower than the $840/st floor sought by Cliffs. In a break from tradition, none of the steelmakers indicated how much they were increasing prices by.
ArcelorMittal also said that spot orders for April production had to be placed by Friday, March 15. “We will accept May contract and spot orders at this time as we expect our April order book to close quickly,” the company said.
SMU’s HR price stands at $815/st on average, down 22% from $1,045/st at the beginning of the year.
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.

Michael Cowden
Read more from Michael CowdenLatest in Steel Prices

HRC-galvanized price gap edges higher
The premium galvanized coil carries over hot-rolled coil (HRC) coil has marginally widened in recent months. As of Sept. 16, the spread between these two products reached a three-month high of $175 per short ton (st), though it is still low by historical standards.

SMU Price Ranges: HR slips, hopes for Q4 rebound still standing
SMU’s price ranges were mixed again this week as the market continues to seek a floor amid industry hopes for a Q4 rebound.

HARDI members suspect galvanized steel prices have hit the floor
Half of the participants on this month's Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council call expect galvanized steel base prices to remain flat at ~$48 per hundredweight ($960/short ton) for the next 30 days.

Nucor’s hot band list price holds at $875/ton
Nucor held its hot-rolled coil list price flat again this week, according to its Monday, Sept. 15 consumer spot price (CSP) notice.

Price gap between US CR, most imports widens
Cold-rolled (CR) coil prices ticked lower in the US this week, while prices in offshore markets mostly diverged and ticked higher.