Cleveland Cliffs has joined US Steel in their push for $45 cwt. ($992/mt or $900/nt) hot rolled coil. In a letter sent out to customers on Oct. 31, the steelmaker announced they would be raising base prices for all flat rolled steel products, including HRC, by a minimum of $5.00 cwt.
This announcement comes less than 2 weeks after the steelmaker announced new minimum base pricing of $40 cwt. ($882/mt or $800/nt), FOB mill.
Sources have continued to report that they’re not surprised by the most recent announcement, as many have believed that mills would try to push HRC up to $50 cwt. ($1,102/mt or $1,000/nt), as soon as the UAW strike against Ford Motor Company (FMC), Stellantis, and General Motors (GM) reached an end.
Last week, FMC announced they’d agreement with the union, and GM and Stellantis have also indicated they’ve reached tentative agreements with the UAW. It’s widely believed that the agreements will soon be ratified by union members, which will officially bring the weeks-long strike to an end.