U.S. steel prices hit a bottom at the beginning of December, then began to climb. Hot rolled coil prices rose over 8% from their December low. Meanwhile, plate prices traded down for the first time since September.
steel prices by $60 per short ton back in late November. This latest increase follows a $50 per short ton price hike by Cleveland-Cliffs. The Ohio-based producer implemented its increase on December 13, bringing its minimum HRC price to $750 per short ton.Uninterrupted week-over-week increases since HRC prices inverted at the beginning of December suggest an increasingly bullish market. This signifies further upside potential, at least in the short term.
Up to this point, the U.S. economy has proved resilient. However, compounding rate hikes from the Federal Reserve will continue to weigh on the domestic economy in 2023. This is sure to challenge the control steelmakers currently have over prices. Indeed, mill lead times remain short, suggesting supply is readily available and accessible.
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