Steel Prices
AM/NS Calvert Increases Sheet Again, Seeks $900/ton HR base
Written by David Schollaert
November 1, 2023
ArcelorMittal has joined U.S. Steel and Cleveland-Cliffs in aiming to push sheet prices higher, according to an internal commercial memo on Oct. 31.
In the memo, ArcelorMittal set minimum base prices for product from AM/NS Calvert – its joint venture mill in Alabama with Japan’s Nippon Steel – at $900 per ton ($45 per cwt) for hot-rolled coil (HRC) and $1,150 per ton for cold-rolled and coated products.
The increase was effective immediately and applies to all new sport orders as well as any offers received but not yet accepted by AM/NS Calvert. “We reserve the right to modify any outstanding quotations,” the memo added.
ArcelorMittal made the announcement at the same time that it opened its hot rolled and tandem order books for January,
It was AM/NS Calvert’s second price increase in less than 10 days and followed similar increases by U.S. Steel and Cleveland-Cliffs on Oct. 26 and Oct. 31, respectively.
Recall that the recent price hikes followed an initial increase by Nucor on Oct. 19. At the time, the Charlotte, N.C.-based steelmaker announced it would seek a minimum of $800 per ton for HRC.
SMU’s HRC price currently stands at $810 per ton on average.
David Schollaert
Read more from David SchollaertLatest 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.