US enregre steel producer Cleveland Cliffs has increased the price of hot rolled coils (HRC). The company has set its minimum price for the hot-rolled coil at $1,200/st, increasing $100/st.
The increase comes after a relatively sluggish week in the steel industry last week. Cliffs' last price hike was on February 27, and the company increased prices by $560/st in eight price announcements since the end of November.
The steelmaker is currently in line with the NLMK USA target prices reached on March 2, with prices ahead of electric arc furnace (EAF) rival Nucor, which pushed it to $1,150/s on March 3.
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