Cleveland-Cliffs Inc. aims to increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). The Cleveland-based steelmaker said the move was effective immediately and applied equally to hot-rolled, cold-rolled, and coated products. The company said it also set a minimum base price of $850 per ton for hot-rolled coil, […]
We’ll kick off the Tampa Steel Conference next Sunday, and I’m looking forward to seeing many of you there in person. For kicks, I decided to look back at how the market was in mid-February 2022, when we held the event along with the Port of Tampa Bay last year. So join me for a […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact becca@steelmarketupdate.com to […]
We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
ArcelorMittal has joined the effort initiated by Cleveland-Cliffs to increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). The move is effective immediately for material from AM/NS Calvert, the steelmaker’s joint venture mill in Alabama with Japan’s Nippon Steel. “We reserve the right to modify any outstanding quotations,” […]
Cleveland-Cliffs Inc. and the United Steelworkers (USW) union have filed a trade case targeting imports of tin mill products from eight countries. The Cleveland-based steelmaker said the petition seeks antidumping duties against imports of tin- and chromium-coated sheet steel from Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom. The case […]
Cleveland-Cliffs has announced a sheet price hike of $50 per ton ($2.50 per cwt) and new base prices for hot-rolled coil of $800 per ton ($40 per cwt). The big question now is not whether prices will continue to go up one or two weeks from now, but whether a price rally that began after […]
Sheet prices continued to inch upward this week as market participants debated whether a third round of price increases from Cleveland-Cliffs Inc. would gain traction. Those who thought the $50-per-ton price hike would stick pointed to higher scrap costs, solid demand, and new capacity still struggling to ramp up. Those who questioned whether the increases […]
Two Democratic senators have asked that imports of downstream grain-oriented electrical steel (GOES) products be hit with Section 232 national security tariffs. Senators Sherrod Brown (D., Ohio) and Bob Casey (D., Pa.) sent a letter to the US Commerce Department on Jan. 12 to address this issue. Section 232 tariffs of 25% on imported steel were […]
Cleveland-Cliffs said it is raising current spot market base prices for all carbon hot-rolled, cold-rolled, and coated steel products by a minimum of $50 per net ton ($2.50 per cwt), effective immediately with all new orders. The Cleveland-based steelmaker said it had seen increases in both pricing and volume from its automotive steel business since […]
The US International Trade Commission (ITC) has voted to remove duties on Brazilian hot-rolled coil, cold-rolled coil, and plate. Once might be a coincidence. But three times? That’s a trend. The question now: Is this a big-picture shift in US trade policy toward Brazil? Or is it instead more a matter of inside baseball at the […]
The Great Lakes Clean Hydrogen Coalition (GLCH), which includes steelmaker Cleveland-Cliffs, has been given green light to proceed with its full hydrogen hub application. GLCH has proposed to develop low-carbon hydrogen via electrolysis at the Davis-Besse Nuclear Power Station in Oak Harbor, Ohio, the coalition said. Hydrogen would then be distributed across the Great Lakes region by pipeline and […]
Let’s just clear the air of any confusion here. It looks like Nucor’s price increase – $50 per ton ($2.50 per cwt) – announced earlier this week was a catch-up to an increase of the same amount announced by Cleveland-Cliffs in mid-December. Assuming that’s the case, we’ve had two rounds of price increases since Thanksgiving. […]
Sheet prices continued their upward trek this week on the heels of a $50-per-ton price increase announced by Nucor Corp. on Monday. Plate prices, which were not impacted by that move, were unchanged. Nucor’s increase, which matched one announced last month by Cleveland-Cliffs Inc., was seen by market participants as timed to reflect an upward […]
Nucor plans to increase base prices for all new orders of steel sheet by $50 per ton ($2.50 per cwt). The price hike is effective immediately, the Charlotte, N.C.-based steelmaker said in a letter to customers on Monday, Jan. 9. “We reserve the right to review and re-quote any offers that are not confirmed with […]
Sheet prices entered 2023 moving upward on expectations of higher prime scrap prices, and on a modest uptick in activity as some buyers looked to get ahead of anticipated higher steel prices as well. The gains also came on the heels of a price increase of $50 per ton ($2.50 per cwt) initiated last month […]
Cleveland-Cliffs said Thursday it would get higher annual fixed prices for steel in 2023 compared to 2022. “Specifically, with higher sales volumes and a similar mix of hot-rolled, cold-rolled and coated products, the company expects from its direct carbon steel automotive customers an average selling price of approximately $1,400 per net ton in 2023, compared to […]
I’m eager to see the results of our survey later this week because I think it might shed some light on what appears to be a tale of two steel markets. Some of you are telling me that you’re already busy and will only get busier as people come back into the market after the […]
Trying to neatly summarize the North American steel market right now can give you a case of cognitive dissonance. Domestic mills think they have some momentum, and they’re trying as hard as they can to get prices higher for Q1. Case in point: ArcelorMittal has put the heft of one of the world’s largest steelmakers […]
ArcelorMittal has joined the effort initiated by Cleveland-Cliffs to increase spot prices for steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective immediately for material from AM/NS Calvert, the steelmaker’s joint venture mill in Alabama with Japan’s Nippon Steel. “We reserve the right to modify any outstanding quotations,” the […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
There had been some debate around whether mills would announce another price hike before the holidays. That debate is settled. Cleveland-Cliffs, one of four major sheet producers in the US, aims to increase spot prices by $50/ton, and has set a target minimum base price for HRC at $750/ton. In the style of the former […]
Hot-rolled coil prices have risen for a third consecutive on the heels of a $60-per-ton ($3-per-cwt) post-Thanksgiving price hike by domestic mills. Also providing a lift to sheet prices are higher scrap costs, expectations of buyer restocking in the first quarter, and a sense among mills that momentum is on their side. A second round […]
Cleveland-Cliffs Inc. aims to increase spot market base prices for flat-rolled steel by at least $50 per ton ($2.50 per cwt) effectively immediately. The steelmaker announced the price hike, a leading move, in a press release on Tuesday, Dec. 13. The increase applies equally to hot-rolled, cold-rolled and coated products. The company noted that the […]
Cleveland-Cliffs Inc. said it is introducing a new line of electrical steels to the North American market. The new line will be used to manufacture high-frequency motors and generators. Named Motor-Max, the brand consists of high-frequency, non-oriented electrical steel (HF NOES) designed for use in high-speed motors, electric vehicle (EV) traction motors, aircraft generators, and additional rotating […]
Cleveland-Cliffs Inc. has submitted an application to the Department of Energy (DOE) for funding the next phase of research for the front-end engineering design (FEED) for large-scale carbon capture at its Burns Harbor integrated steel plant in Indiana. The Cleveland-based steelmaker said in a statement its initial phase of research with funding from DOE’s […]
The No. 7 blast furnace at Cleveland-Cliffs’ Indiana Harbor steelworks in East Chicago, Ind., has been restarted. A spokeswoman confirmed the restart to SMU in an email on Tuesday, Dec. 6. Last week, the Cleveland-based steelmaker said that it was in the process of restarting the furnace which had experienced a minor fire ahead of […]
US hot-rolled coil (HRC) prices edged up slightly last week on a wave of $60-per-ton sheet price hikes announced by domestic mills. The move appears to have at least temporarily stopped the bleeding seen over the last two months. Time will tell if the price hike attempt finds support. Just about everyone announced an increase of […]
Cleveland-Cliffs is in the process of restarting the No. 7 blast furnace at its Indiana Harbor steel mill in East Chicago, Ind. “All good with the re-start procedure that is ongoing,” a company spokeswoman said in an email to Steel Market Update on Friday, Dec. 2. The Cleveland-based steelmaker said that there had been a […]