Integrated US steelmaker Cleveland-Cliffs today upped flat-rolled steel prices by $50/short ton and set a price minimum for hot rolled coil (HRC) at $800/st.
Today's announcement is Cliffs' third price increase since 28 November as automotive volumes and pricing have both increased, reducing the amount of spot steel available, the company said.
The increases have combined to raise Cliffs' flat prices by $160/st. Minimum spot pricing for cold rolled coil (CRC) and hot dipped galvanized (HDG) coil have not been published.
The Argus US HRC Midwest ex-works assessment has increase by $100/st since the end of November to $728/st on 10 January. The assessment last reached $800/st in September 2022.
Electric arc furnace (EAF) competitor Nucor released its second price increase since late November on 9 January. That one raised its prices by $50/st, though it did not publish a minimum price.
