Steel Prices

Nucor, Cliffs seek to set floor under HR prices
Written by Michael Cowden
March 7, 2024
Nucor and Cleveland-Cliffs on Thursday announced target minimum base prices for hot-rolled (HR) coil. Both said the moves were effective immediately.
Nucor was the first to announce, targeting $825 per short ton (st) for HR coil. The target was higher ($1,025/st) for heavy-gauge hot-rolled products. Namely, for products with a thickness of 3/4 of an inch or more.
“We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said.
Cliffs followed on Thursday evening and modestly upped the ante. It announced that it would seek at least $840/st for HR. Cliffs also said that it was increasing spot prices for cold-rolled and coated products. But it did not specify minimum pricing for tandem products.
The attempt to put a floor under HR prices follows a period of extended declines. SMU’s HR price stands at $815/st on average, down $15/st from last week and down $230/st from the beginning of the year.

Michael Cowden
Read more from Michael CowdenLatest in Steel Prices

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.

SMU price ranges: Sheet and plate prices retreat from recent highs
Steel prices slipped again this week, with all five of SMU’s sheet and plate indices trending lower for the second week in a row.