US integrated steelmaker Cleveland-Cliffs has increased its flat steel prices by $100/short ton (st), targeting a minimum hot-rolled coil (HRC) price of $1,200/st.
The move comes after a relatively quiet week last week in the steel industry, which saw a rapid increase in prices throughout much of February. Cliffs' last price increase was on 27 February, and the company has raised prices by $560/st since the end of November across eight price announcements.
The steelmaker is now in line with NLMK USA's targeted prices, which it arrived at on 2 March, and ahead of electric arc furnace (EAF) competitor Nucor, which raised prices to $1,150/st on 3 March.
The ferrous scrap industry remains partially unsettled after March trade kicked off last week, with the Argus assessments for #1 busheling settling at $70-95/gross ton in Cleveland/Youngstown, Philadelphia and Pittsburgh. The Chicago and Detroit markets have yet to settle.
The Argus US Midwest and southern HRC ex-works assessments have increased by 75pc since the end of November to $1,100/st on 7 March, the highest level since June 2022.
