Steel Prices
Cliffs seeks $670/ton for Sept HR
Written by Michael Cowden
July 26, 2024
Cleveland-Cliffs announced on Friday that it would seek $670 per short ton (st) for hot-rolled (HR) coil.
The steelmaker said the move was effectively immediately. It coincides with the opening of the company’s HR order book for September.
Cliffs also noted that it could make another announcement before it closes out September.
“Cleveland-Cliffs Steel will be monitoring several key market drivers in the next few weeks and reserves the right to modify pricing prior to completing the September booking availability,” the company said in a letter to customers.
Cliff’s September price is $50/st lower than the $720/st it announced for August. But it is higher than competitor Nucor’s current published price of $650/st.
Recall that Nucor updates HR prices weekly. Cliffs typically updates them once a month.
Regularly scheduled and published HR prices are relatively new to the US steel market. They started when Nucor introduced its weekly spot price in April. Some market participants contend that the announcements have changed the dynamics of sheet pricing.
SMU’s spot HR price stands at $635/st on average, down $5/st from last week and down $35/st from $670 a month ago. We will next update prices on Tuesday.
HR prices have been trending lower for most of the year. But market participants increasingly think that prices might be at or near a bottom.
Michael Cowden
Read more from Michael CowdenLatest in Steel Prices
HR Futures: Summertime blues
Coming out of the holiday market and long weekend, it seems the HRC futures market has caught some post-vacation blues.
S232 tariffs keep US HR prices below imports from EU
Hot-rolled (HR) coil prices in the US ticked down this week but have fluctuated little over the past month. Stateside tags continue to trail imports from Europe, supported by Section 232 steel tariffs that were doubled in early June.
Miller on Pig Iron: Brazilian tariffs threaten turmoil in sector
The announcement of 50% tariffs on Brazilian imports, including pig iron, could have a dramatic effect on steelmaking raw materials.
Trump increases Brazil tariff to 50%, sparking questions about pig iron prices
President Donald Trump on Wednesday said he would increase the “reciprocal” tariff on imports from Brazil to 50% effective Aug. 1. That could have big implications for pig iron.
SMU price ranges: Sheet, plate slip as lift from S232 ebbs
Sheet and plate prices slipped this week on so-so demand, sideways scrap prices, and chatter that certain mills were making unsolicited calls looking for tons.