US hot rolled coil prices have increased to $1,030-1,050/short ton from last week when the range was $1,000-1,050/st. Cold rolled coil prices are flat this week, still within the range of $1,170-1,190/st, Kallanish learns.

Cleveland-Cliffs on Tuesday announced that its minimum base prices for hot rolled steel increased by $100/st to $1,100/st. The company had last issued an increase a month ago when it raised the price to $1,000/st (see Kallanish 7 November).

“I’m not seeing transactions supporting the prices quoted by Cleveland-Cliffs," observes a coil consumer. "I think the market is being overhyped. We’re seeing the holiday seasonal slowdown.”

US Steel and Nucor increased their HRC minimum spot base prices last week to $1,000/st (see Kallanish 29 November).

A midwestern distributor states: “The mills are quoting one price but making deals to close orders. The market is not supporting the increase to $1,100/st. It’s a quiet time of year.”

Lead times are reported to be approximatly 10 weeks for HRC. 

In the equivalent week of 2022, HRC prices ranged $690-705/st and CRC transaction prices were $860-940/st.

All prices are ex-works domestic mill.