Steel Mills
Cleveland-Cliffs Announces $75/ton Sheet Price Hike
Written by Michael Cowden
August 24, 2022
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $75 per ton ($3.75 per cwt).
The move is effectively immediately and applies to equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Wednesday, Aug. 24.
It comes after domestic competitor Nucor Corp. announced a price hike of $50 per ton in early August and after reports of certain domestic mills more recently lowering spot prices.
SMU’s hot-rolled coil price stands at $770 per ton, down $30 per ton from last week and marking the lowest prices for HRC since late November 2020.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Mills
Domestic mill shipments slip in July: AISI
US steel shipments decreased month over month in July, but were up from last year, according to the latest figures from the American Iron and Steel Institute (AISI).
Nippon and USS drop litigation vs. USW and Cliffs
Another chapter of the Great U.S. Steel Buyout of the 2020s melodrama has closed, with all involved parties terminating the litigation disputes between them.
Steel Summit: Analysts say demand likely to struggle until 2027
Steel industry analysts at this year's SMU Steel Summit said they see lackluster demand through this year and next.
USS Clairton begins full production of batteries 19 and 20, 13 and 14 hot idled
U.S. Steel has activated batteries 19 and 20 at its Clairton Coke Works facility after pausing each “out of an abundance precaution” following an explosion at the site on Aug. 11.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.