gorodenkoff/iStock via Getty Images

gorodenkoff/iStock via Getty Images

U.S. Steel (NYSE:X ) raised spot prices for hot rolled coil steel in the U.S. by $60/short ton, Argus Media reported Tuesday, following competitor Cleveland-Cliffs' similar move earlier this week.

US Steel (X) is targeting base pricing of $680-$700/st for hot rolled coil, and ~$950/st for cold rolled coil and hot dipped galvanized oil products, according to Argus, or ~$60 above current pricing on HRC and greater gains above current CRC and HDG levels.

Argus said its current U.S. HRC Midwest ex-works assessment is $628/st, while the CRC assessment is $850/st and HDG is $849/st.

The previous round of price hikes in late August failed to stick, and Midwest HRC prices since then have dropped 20% to $628/st on November 22, according to Argus.

U.S Steel (X) enjoys "a global competitive advantage thanks to cheaper U.S. energy," Zoltan Ban writes in an analysis published recently on Seeking Alpha.