Cleveland-Cliffs, Nucor hike steel prices, target $1,000/ton for HRC
Cleveland-Cliffs $Cliffs Natural Resources(CLF)$ said it is raising spot market base prices for all carbon hot rolled, cold rolled and coated steel products by $100/short ton, effective immediately with all new orders, and setting a minimum base price of $1,000/st for hot rolled steel.
Cleveland-Cliffs' (CLF) move followed competitor Nucor $Nucor(NUE)$ , which had increased its flat rolled steel prices by $100/st and set a minimum $1,000/st target price for hot rolled coil products.
Nucor (NUE) has raised prices by $360/st over six price hikes since late November, according to Argus.
The latest price increase, if accepted by buyers, would bring the HRC market to the $1,000/st mark for the first time since June.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
M