American steelmaker Cleveland-Cliffs announces an increase in minimum base prices for hot-rolled, cold-rolled and coated steel by $60 per short ton. This is stated in the company’s press release.
The Cleveland-based flat products producer noted that the minimum base price for hot-rolled coils is $900 per tonne.
In early March, Cleveland-Cliffs already announced an increase in product prices and a new base price for hot-rolled coils at $840/ton. At the same time, its competitor Nucor raised the minimum base price for the respective products to $825/t.
The price increases from major US rolled steel producers were partially accepted by local consumers, and the market decline that had been observed since the beginning of the year has stopped. Thus, the mills are trying to convince market participants that there will be no lower levels and that further refraining from purchases will not work.
At present, steel service centers and distributors confirm that product prices have risen after the Cleveland-Cliffs announcement, although trade is still slow.
As GMK Center reported earlier, global hot-rolled steel prices are adjusting after a sharp rise in late 2023 and early 2024. The slowdown in demand for products has kept the negative price trend in major global markets for about 2 months. The North American market suffered the biggest losses. Since the beginning of the year, prices for hot-rolled plates in the region have fallen by 27%, or $300/ton. At the same time, the Chinese market seems to have reached the bottom in mid-March. The US also saw a slight increase in prices, mainly due to the increase in minimum price levels by major producers.
