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
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