Cliffs Raises HRC Spot Price to $700 per Ton
Steel producer Cleveland-Cliffs has increased the spot price for hot-rolled coil (HRC) by $30 per ton. This comes just five days after they had lowered the price.
Cliffs announced that they would set the HRC spot price at $700 per ton for September orders. This is a partial reversal of the $50 per ton price cut made on July 26, which had brought the spot price down to $670 per ton.
Cliffs' price change happened two days after rival Nucor raised their HRC spot price by $25 per ton to $675 per ton.
In their second-quarter earnings report last week, Cliffs explained their cautious approach to pricing with customers unwilling to pay for their steel. "For those only interested in price, we are much more careful in doing business with them," said CFO Celso Goncalves. "We can produce and supply the most sophisticated types, but we need to recover our investment. So, customers who do not want to pay our price can look for supplies elsewhere."
