Cleveland-Cliffs Inc. yesterday announced that it will be increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $2.50 dwt. ($55/mt or $50/nt) effective immediately with all new orders.
The steelmaker went onto say that since the start of the year, it’s seen increases in both pricing and volume for its automotive steel business, reducing material available to be sold on a spot basis. This latest price increase is in response to upticks in market demand.
Cliffs’ minimum base price for hot rolled steel is now $40 cwt. ($882/mt or $800/nt), FOB mill.
As if earlier today, market sources have confirmed that US HRC prices are trending at $35-$37 cwt. ($772-$816/mt or $700-$740/nt), FOB mill, depending on volume.