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 […]
ArcelorMittal US has announced new, higher sheet prices with the opening of its 2023 order books. The company said it has also rolled out new grade extras, which will take effect on Jan 1., to reflect higher alloy costs. The price increases effectively apply to AM/NS Calvert, the Alabama mill jointly owned by Luxembourg-based ArcelorMittal […]
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 Princeton […]
More North American steel producers are joining in the attempt to increase prices for steel sheet products. NLMK USA said in a Dec. 1 letter to customers that “due to increased order placement and extending lead times,” its base prices will increase by a minimum of $60 per ton ($3 per cwt) for spot orders. […]
Nucor Corp. has joined other sheet producers in the US and Canada in a push to raise base prices by at least $60 per ton ($3 per cwt). The Charlotte, N.C.-based steelmaker said the move was effective immediately for new orders in a letter to customers on Wednesday, Nov. 30. “We reserve the right to […]
Stelco Holdings Inc. intends to increase spot prices for carbon steel sheet by at least CAD $80 per ton (USD $60 per ton or $4 per cwt). The move is effective immediately, the company said in a letter to customers on Tuesday, Nov. 29, and applies equally to all new orders of hot-rolled, cold-rolled, and […]
Is the market at a bottom or not? Cleveland-Cliffs and US Steel have each announced price hikes of $60 per ton ($3 per cwt). And we’re told other mills might follow. If this isn’t a bottom, it sure looks like domestic mills are trying to create one with a floor of ~$600 per ton for […]
The bottom end of SMU’s sheet price ranges firmed up this week following price hikes of $60 per ton ($3 per cwt) announced by Cleveland-Cliffs and US Steel on Monday. It’s not clear yet whether the price increases will stick in full, in part, or simply stop the bleeding. Case in point: Our sheet price […]
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 Brett@SteelMarketUpdate.com […]
US Steel Corp. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately, the company said in a press release on Monday, Nov. 28, and applies equally to all new orders of hot-rolled, cold-rolled, and coated steel products in North America. This […]
Cleveland-Cliffs expects to resume operations this week on the No. 7 blast furnace at its Indiana Harbor steel mill in East Chicago, Ind., after a small fire, a company spokeswoman confirmed. The fire occurred over the weekend and at the beginning of a three-day planned maintenance outage, she told Steel Market Update on Monday, Nov. […]
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Monday, Nov. 28. The Cleveland-based company […]
The Great Lakes Clean Hydrogen Partnership (GLCH) has proceeded with its Department of Energy (DOE) hydrogen hub application. The partnership consists of Linde, Energy Harbor, GE Aerospace, Cleveland-Cliffs, and the University of Toledo. “This industry-led hydrogen hub intends to ensure that the Midwest is a leader in decarbonization so that regional industries and supply chains […]
The United Steelworkers (USW) union and US Steel said on Tuesday that they had reached a tentative four-year labor agreement. The USW also said that its bargaining committee had unanimously recommended that union members ratify the deal with the Pittsburgh-based steelmaker. The tentative pact covers approximately 11,000 union-represented workers at US Steel. It does not […]
Nucor on Thursday confirmed its plate prices would remain unchanged with the opening of its December order book. Though the market was anxiously awaiting the Charlotte, N.C.-based steelmaker’s announcement, few were surprised by it. Why? It’s not clear that a price decrease at this stage in the fourth quarter would generate buying. And it would devalue […]
Steel prices really took a dive this week. I’ve noted before that some of that could be explained by seasonal factors. And it doesn’t help that inflation and rising interest rates are hurting consumer demand. But it’s also important to keep an eye on what was said during recent earnings calls. Because I think some […]
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 Princeton […]
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 Princeton […]