Steel Prices
AM/NS Calvert, Stelco Follow Major Sheet Mills Higher
Written by Laura Miller
October 23, 2023
ArcelorMittal and Stelco joined last week’s move by domestic mills to push sheet prices higher.
On Thursday, Oct. 19, Nucor led the pack, announcing it would seek a minimum of $800 per ton ($40 per cwt) for hot-rolled coil. Cleveland-Cliffs followed, announcing the same target base price for HRC. U.S. Steel said it would increase spot base prices by at least $100 per ton.
Also on Oct. 19, ArcelorMittal set minimum base prices for flat-rolled products in a letter to its commercial team. Base prices from its AM/NS Calvert mill in Alabama were set at $800 per ton for hot rolled and $1,050 per ton for cold rolled and coated products, effective immediately.
“The hot rolled order book is now open for December with limited availability,” the letter stated. “Tandem products are on an inquiry basis.”
Canadian steelmaker Stelco also said it would immediately be increasing base prices for all products by a minimum of C$135 per ton (US$99 per ton) in an Oct. 19 letter to customers.

Laura Miller
Read more from Laura MillerLatest in Steel Prices

HR Futures: Nascent rally in HRC futures settles above 6-week downtrend
The CME Midwest HRC futures market’s response to Trump’s election and subsequent comments about blanket 25% tariffs on Canada and Mexico was surprisingly counterintuitive.

SMU price ranges: Tags flat or down, sheet momentum ‘lower’
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.

Pig iron markets seek clarity after tariff confusion
The pig iron markets have been quiet for the last several weeks, as tariff implementation on imports into the US became a reality. There has been debate on which party will have to pay the tariff. A recent transaction could provide the answer to that question.

HR Futures: Market at crossroads after turbulent run
The market appears to be pausing after a turbulent run. But tension remains just beneath the surface. With net long positioning still elevated, sentiment-driven selling could quickly reignite volatility. Still, supply constraints and limited imports are laying the groundwork for a resilient physical market. This moment of calm feels more like a crossroads than a conclusion.

CRU: Iron ore falls to a 7-month low on escalating trade war
Iron ore prices were largely steady in March, hovering around $100–102 per dry metric ton (dmt) in a quiet market.