US steel mills raised minimum prices for cold-rolled steel
The largest US electric furnace steel producers, Nucor and its competitor Cleveland-Cliffs, have raised the minimum price level for hot-rolled coil (HRC) to $800 per ton. The companies announced minimum prices this morning.
Cliffs said it was also increasing prices on hot-dip galvanized coil (HDG) and cold rolled coil (CRC), but did not set minimum prices.
Nucor has set a minimum price of $1,000 per unit for HRC for heavy-wall products greater than 3/4 inch in diameter.
Many market participants have reported that Nucor has also raised its minimum prices for HDG and CRC rolls to $1,050 per ton, but availability of spot supplies appears to be limited for the rest of the year.
This price increase is the first since Cliffs raised rolled metal prices to a minimum of $750 per ton in late September, which immediately Other steel producers followed.