Steelmaker Cleveland-Cliffs announced on Tuesday, September 17, that its hot rolled market price is now a revised $750/st ($816/mt) or $37.50/cwt., up nearly 4.2 percent from the $720/st ($794/mt) or $36.00/cwt. for August posted in a letter to its customers on June 25.
Cleveland-Cliffs sent the revised price announcement Tuesday in a letter to customers, citing “ongoing market developments,” as the reason behind the monthly price increase.
When its last price announcement was received in June, it marked a significant decrease from their previous price guidance of $800/st ($882/mt) or $40/cwt., FOB mill for July, signifying a drop of $80/st, the steelmaker said. The Cleveland-Cliffs order book base price may be revised from time to time, depending on the current prices for HRC, the steelmaker said.
Cliffs’ nearest steelmaking competitor, Nucor, posted its weekly HRC spot price (Consumer Spot Price) stable for a second week on September 16 at $720/st ($794/mt) or $36.00/cwt., the steelmaker said in a letter to its customers.
Market insiders have told SteelOrbis that Nucor’s previous CSP price increases are an attempt by the steel maker to keep finished steel prices from falling further, even as demand for finished steel products continues to flounder.