Steel Prices

ArcelorMittal follows Nucor, seeks $825/ton for HR

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

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.