Integrated steelmaker Cleveland-Cliffs has followed competitor Nucor, increasing its flat rolled steel prices by $100/short ton (st) and setting a price minimum of $1,000/st for hot rolled coil (HRC).
Cliffs came out with the announcement this morning and followed the same parameters as one by Nucor earlier today.
The announcements bring the two companies in line with each other.
The latest hike, if accepted by buyers, would bring the HRC market to the $1,000/st mark for the first time since 28 June 2022. At that time steel prices were falling after being boosted in March and April as raw material supply uncertainty gripped the US market.
The Argus US HRC Midwest and southern ex-works assessments were at $850/st last week.
