Cleveland-Cliffs initiates monthly announcement of spot prices for hot-rolled steel

American steelmaker Cleveland-Cliffs has initiated monthly announcements of spot prices for hot-rolled steel. This is stated in the company’s message.

According to Cliffs, this step was taken in response to industry trends and customer feedback. The company will send monthly letters to all consumers of flat products.

The price will be disclosed along with the monthly opening of the order book for hot-rolled steel and published on the company’s website. In addition, the company may update the price more frequently if market conditions require it.

We encourage market transparency and have been pleased to see other market participants be more open with their pricing. 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,» said Lorenko Gonsalves, Chairman, President and CEO of Cliffs.

The first market price for Cliffs’ hot-rolled steel was announced on April 26 ($850 per short ton), simultaneously with the opening of the order book for June.

In early April, another US steelmaker, Nucor, announced the introduction of weekly consumer spot prices (CSP) for hot-rolled steel. As noted, the company will provide its customers with consistent and transparent pricing information. The CSP will be announced every Monday a week in advance, with the published prices valid until the next publication.