US-based steelmaker Cleveland-Cliffs today announced they’ll be raising prices on US domestic plate spot market orders by $3.00 cwt. ($66/mt or $60/nt), effective immediately. Although the mill did not establish new, minimum base pricing, it’s believed their new target price is likely hovering around $77 cwt. ($1,698/mt or $1,540/nt), FOB mill.
Prior to today’s announcement, the average spot market price for US domestic plate has been trending at $74 cwt. ($1,631/mt or $1,480/nt), FOB mill.
As of the time of publication, other US domestic plate mills have yet to announce.