Earlier today, US-based flat rolled steelmaker Cleveland Cliffs announced plans to raise US domestic flat rolled steel prices by another $2.50 cwt. ($55/mt or $50/nt), effective with all new orders.
This is the fourth price increase the company has announced since late-November, and the second price increase they’ve rolled out in less than a month. Their most recent $50/nt increase was announced on Tuesday, January 17.
Other sheet steel producers were quick to follow.
As of today, Cliffs’ new target base price for US domestic HRC has been revised from $40.00 cwt. ($882/mt or $800/nt), to $42.50 cwt. ($937/mt or $850/nt), FOB mill. Current HRC prices are trending at $37.00-$39.50 cwt. ($815-$871/mt or $740-$790/nt), FOB mill, although it is believed that buyers who’ve purchased small-tonnage orders may have paid as much as $40.00 cwt. ($882/mt or $800/nt) within the past 7 days.
As of the time of publication, other US domestic flats mills have not announced. Those announcements, however, are expected to be forthcoming.