Steel Mills
Cliffs Joins Nucor, Sheet Up $100/ton and Seeks $1,000/ton HRC
Written by David Schollaert
February 21, 2023
Cleveland-Cliffs didn’t take long to join Nucor in increasing spot prices for steel sheet by at least another $100 per ton ($5 per cwt).
The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $1,000 per ton for hot-rolled coil (HRC).
Cliffs said the increase was effective immediately and applied equally to all new orders of hot-rolled, cold-rolled and coated products in a press release dated Tuesday, Feb. 21. It did not, however, provide target base prices for cold-rolled and coated material.
The move comes just about a week after Cliffs announced a $50-per-ton price hike and a target HRC price of $900 per ton on Feb. 13.
Like Nucor, this is Cliffs’ third price hike notice for the month, now up $200 per ton since its initial increase on Feb. 2.
By David Schollaert, david@steelmarketupdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Mills
Nippon’s Mori meets with Pa. Gov. Shapiro: Report
Nori, a top Nippon Steel official, met on Tuesday with Pennsylvania's governor, to discuss its proposed acquisition of U.S. Steel.
Nippon won’t import slabs to US if U.S. Steel deal goes through
Nippon Steel has affirmed that if its $14.9-billion bid for U.S. Steel proves successful, the Japanese steelmaker will not import overseas-produced slabs to the US.
AISI: Raw steel production falls to 5-week low
Domestic raw steel mill production slipped to a five-week low last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Weekly production is now at the third-lowest level recorded this year.
Nucor maintains HR price at $750/ton
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was unchanged week on week (w/w) at $750 per short ton (st) on Monday, Nov. 18.
Mexican court orders sale of officially bankrupt AHMSA
After failing to reach agreements with its creditors, Altos Hornos de México (AHMSA) has been formally declared bankrupt by a Mexican bankruptcy court.