Morgan Stanley notes that Cleveland-Cliffs (CLF) announced that given ongoing market conditions it has made a $20 per ton upward revision to its hot-rolled coil, or HRC, offer price to $750/t. Cliffs’ announcement follows Nucor’s (NUE) decision to keep its weekly spot HRC price unchanged at $720/t, notes the analyst, who believes the market has “seen the bottom of the last mini-cycle” and expects that prices still have some room to rise from the current Platts spot levels of $700/t. The firm, which notes that its Q4 price target for HRC remains at $720/t, keeps an Equal Weight rating and $15 price target on Cleveland-Cliffs shares.
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