Cleveland-Cliffs publishes HRC price

In response to industry trends and customer feedback, Cleveland-Cliffs Inc. is publishing a “Cliffs Hot Rolled Market Price” via letter to all flat-rolled customers monthly.

In early April, electric arc furnace steelmaker Nucor Corp. announced it was introducing a weekly Nucor Consumer Spot Price (CSP) designed to provide its customers with consistent and transparent communications regarding the company’s hot-rolled coil (HRC) spot pricing.

Cliffs' price will be published in conjunction with the monthly opening of the hot-rolled order book and will be simultaneously published online. The Cleveland-based company says it could update this price more frequently as market conditions necessitate.

The first Cliffs Hot Rolled Market Price was published  April 26 following its announcement in conjunction with the June Hot Rolled order book opening. The $850 per ton published price “is valid for all new spot inquiries … but subject to intermonth revisions as needed to reflect market changes that may arise,” according to the letter to its customers opening its June order book that was signed by Michael J Hrosik, vice president, flat-rolled steel sales.

“We encourage market transparency and have been pleased to see other market participants be more open with their pricing,” Cliffs President and CEO Lourenco Goncalves says. “As the largest producer of flat-rolled steel in North America, we felt it necessary to do the same to make sure our customers had the most timely and reliable pricing information.”