Integrated steelmaker Cleveland-Cliffs has increased its flat-rolled steel prices by $50/short ton (st) and raised its hot rolled coil (HRC) price floor.
The minimum price Cliffs wants for HRC is now up to $850/st, according to a news release this morning. The latest increase is the fourth by the company since late November, for a total of $210/st in upward price movement.
Since the end of November, the Argus US Midwest HRC ex-works assessment has risen by 25pc to $781/st on 31 January, an increase of $154/st.
Other companies like electric arc furnace (EAF) steelmaker Nucor have increased prices in the past to follow Cliffs' lead.
