Steel Mills
Cliffs moves sheet prices up by $60/st, seeks $900/st HRC
Written by David Schollaert
March 27, 2024
Cleveland-Cliffs aims to increase sheet prices by $60 per short ton (st) and is seeking a new target base for hot-rolled coil (HRC) of $900/st.
That’s according to a press release circulated on Wednesday morning, March 27.
Cliffs said the move was effective immediately on all new orders. The increase applies equally to cold-rolled and coated products.
The latest move by the Cleveland-based steelmaker comes roughly three weeks after Cliffs, Nucor, and ArcelorMittal all set new target minimums for HRC, according to SMU’s steel mill price increase calendar.
SMU’s HRC price stands at $810/st on average, according to our check of the market on March 26. Tags were up $15/st from last week, according to our pricing tool.
The move was in line with what most in the market had told SMU over the past week. Namely, the first price notice in early March would stabilize prices followed by another round of increases to move them higher.
David Schollaert
Read more from David SchollaertLatest in Steel Mills
Gerdau to buy ferrous scrap recycling ops in Mississippi River Valley
Gerdau Long Steel North America plans to acquire the assets of Dale’s Recycling Partnership.
USS Q3 guidance: Prices have bottomed, expansions on track
U.S. Steel expects third-quarter adjusted earnings of approximately $300 million, according to figures released on Thursday. The Pittsburgh-based steelmaker said the result was in line with prior guidance and came despite “challenging pricing dynamics.” The company also said the third quarter likely reflected a “bottoming steel price environment.”
Decision on fate of USS/Nippon deal pushed to after elections: Report
The US government’s decision on whether it will block Nippon Steel’s acquisition of U.S. Steel on national security grounds has been pushed until after the November elections.
Cliffs steadfast in commitment to Middletown decarb project
Cleveland-Cliffs Inc. on Monday reiterated its commitment to a major decarbonization project at its Middletown Works in Ohio, despite an earlier report suggesting otherwise.
Nucor expects lower steel prices to drive Q3 earnings decline
Nucor blamed lower steel prices for weaker third-quarter results in earnings guidance released on Tuesday.