Steel Prices
Cliffs to post monthly spot HR price, starts with $850/ton
Written by David Schollaert
April 26, 2024
Cleveland-Cliffs said its base spot price for hot-rolled (HR) coil will be $850 per short ton (st) with the opening of its June order book.
The company made the announcement in a press release and in a letter to customers on Friday.
The Cleveland-based steelmaker said the price is “for all new spot inquiries” but remains “subject to intermonth revisions as needed to reflect market changes.”
Earlier on Friday, Cliffs announced it would publish a monthly spot HR price to coincide with the opening of its monthly order book.
The move follows Nucor’s recently adopted weekly spot HR coil price, which was implemented in “response to industry trends and feedback from customers,” according to the company.
“We encourage market transparency and have been pleased to see other market participants be more open with their pricing,” said Cliffs Chairman, President, and CEO Lourenco Goncalves.
“As the largest producer of flat-rolled steel in North America, we felt it necessary to do the same to make sure our customers had the most timely and reliable pricing information,” he added.
Nucor’s published spot HR price stood at $835/st on Friday. The Charlotte, N.C-based steelmaker will update its price on Monday.
David Schollaert
Read more from David SchollaertLatest in Steel Prices
HR Futures: Correction in market after big rally
Another eventful week in the physical and financial steel markets is coming to a close, but with a markedly different tone than the last update at the end of February.
US and offshore HRC prices tick lower
The threat of tariffs over the past two months has been a springboard for US prices. But the Section 232 reinstatement on March 13 narrowed the domestic premium over imports on a landed basis.
SMU price ranges: Mixed market as buyers await trade clarity
SMU's steel price indices moved in differing directions this week but remained largely stable as cautious buyers await clarity on pending steel tariffs and trade cases.
Nucor slows HRC price climb with $5/ton increase
After eight weeks of double-digit price increases on hot-rolled (HR) coil, Nucor slowed the price rise this week with an increase of $5 per short ton.
HR Futures: Market drifts lower on light volume
Over the past couple of weeks, Midwest HRC futures have been drifting lower on light volume. This begs the question if the rally has run out of steam, or is it catching its breath after ripping roughly $150 in less than two weeks? The April CME Midwest HRC future made an intraday high at $976 […]