Cleveland-Cliffs announced today that it will increase the base market prices for flat steel products by $2.50 cwt. ($55/mt or $50/nt), effective with all new orders. This follows an announcement in late November of a $3.00 cwt. ($66/mt or $60/nt) price increase.
The company said the minimum base price for HRC is now $37.50 cwt. ($827/mt or $750/nt) FOB mill. Prior to the announcement, US domestic flat prices were at $30.50-$33.50 cwt. ($672-$739/mt or $610-$670/nt), FOB mill, for HRC; $41-$44 cwt. ($904-$970/mt or $820-$880/nt), FOB mill, for CRC; and $41-$43 cwt. ($904-$948/mt or $820-$860/nt), FOB mill, for base price HDG.