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Home Steel Mills Pricing

Steel Price Update: Nucor and Cleveland-Cliffs Raise Prices

Nucor Corporation and Cleveland-Cliffs Inc., two major players in the U.S. steel industry, have announced price increases for their Hot Roll steel products. These price hikes mark a reversal of the downward trend seen in recent months and could signal a potential shift in the market dynamics.

08/26/2024
in Pricing
Steel Pricing by Steel Industry News

Steel Pricing by Steel Industry News

Nucor Corporation and Cleveland-Cliffs Inc., two major players in the U.S. steel industry, have announced price increases for their Hot Roll steel products. These price hikes mark a reversal of the downward trend seen in recent months and could signal a potential shift in the market dynamics.

Nucor’s Price Increase

Nucor, based in Charlotte, North Carolina, on August 26th has increased its CSP HRC base price to $710/ton. This represents a $20/ton increase from their August 5th price of $690/ton. This upward trajectory follows a period of price declines (see table below).

Cleveland-Cliffs’ Price Increase

Cleveland-Cliffs, a Cleveland-based steel producer, has also announced a price hike, seeking $730/ton for HR as a follow-up increase to its opening of its September book. This represents a $60/ton increase compared to the August price.

Table: Nucor CSP Price History

DateCSP HRC Base Price (Most Mills)Change from Previous Week
August 26th, 2024$710/tonUp $20/ton
August 5th, 2024$690/tonUp $15/ton
July 29th, 2024$675/tonUp $25/ton
July 15th, 2024$650/tonDown $20/ton
July 1st, 2024$670/tonDown $10/ton
June 24th, 2024$680/tonDown $35/ton
June 17th, 2024$715/tonDown $65/ton
June 3rd, 2024$780/tonUp $10/ton

Factors Influencing Steel Prices

While the recent price increases might seem counterintuitive given the ongoing economic uncertainty, several factors could be contributing to this shift:

  • Increased Demand: Anticipated rising demand for steel products, driven by factors such as infrastructure projects, construction activity, and automotive manufacturing, could put upward pressure on prices. The demand would need to offset the continued downward trend in areas like light vehicle sales and architectural. billings.
  • Inventory Reductions: Steel producers might be reducing their inventories to support higher prices, creating a supply-demand imbalance.
  • Interest Rates: Recent indications that the fed may be looking to reduce interest rates soon may stimulate demand having an effect of steel pricing and its consumption

However, it’s important to note that the recent price increases for CSP steel do not seem to be directly correlated with iron ore prices.

  • Iron Ore Prices: Spot iron ore rebounded slightly last week after sliding the previous five weeks. Spot iron ore pricing settled at $97.70/mt, up from $97.15/mt the week prior. Despite the increase, this remains the lowest prices for iron ore since 2022 and is down 30% since the beginning of the year. (source)
  • Chinese Steel Production: Chinese mills reduced steel production to 83 million tons last month, 9% lower than a year earlier, and this is likely to continue for the remainder of the year.
  • Coking coal prices have continued to decline: Now down nine out of the last ten weeks. China’s stockpiles of high-grade coking coal have more than doubled compared to a year ago, indicating a significant slowdown in demand.

While these factors might have influenced the overall steel market, the specific reasons behind the recent price increases by Nucor and Cleveland-Cliffs may be more complex and could involve other factors such as geo-political issues, cost pressures, market positioning, or anticipated future demand. It’s possible that this continued increase of pricing from these two producers may establish a consensus floor to the current market. The lower input costs for Iron Ore and Coking Coal will help support operating at these price levels. The key issues steel mills may think will change are lowering of interest rates, which will fuel in key sectors like automotive and construction. Hopes that global geo-political conflicts are closer to resolution and that the upcoming U.S. Presidential election results will eliminate any underlying psychological concerns.

It’s essential for steel buyers and sellers to closely monitor these developments and adjust their strategies accordingly. As the market continues to evolve, understanding the factors driving price changes is crucial for making informed decisions. Be sure to stay up to date with the latest steel pricing trends by following and subscribing to Steel Industry News.

For the latest steel news updates on Steel Pricing and other steel trends, be sure to follow Steel Industry News
Check out some of our other articles on the Steel Market:

Steel Prices Rebound: Nucor and Cleveland-Cliffs Announce Price Increases

Steel Pricing Update: Nucor and Cleveland-Cliffs Lead the Way

Nucor CSP Price Update: Downward Trend Continues

Summer Slowdown: Exploring the Factors Behind the Steel Market Downturn

Steel Prices Slide: Nucor CSP Dips Again, Construction Slowdown a Potential Culprit

Steel Price Update: Nucor CSP Dips, Cleveland Cliffs Follows With August Price Decrease

Steel Prices Continue Decline Pressured By Housing Market Slowdown

Nucor’s CSP: A Game Changer in Steel Price Transparency?

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