Market Segment
August 24, 2022
Written by Michael Cowden
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.
A one-month extension of the terms of the current four-year contracts between the USW and the two steelmakers (which was initially set to lapse on Sept. 1) expires on Oct. 1.
In 2015, finished steel imports were 29% of apparent domestic consumption of steel, as estimated by AISI. In 2025, the import share had fallen to 18%. Steel lobbyists think that is progress, but the reality is more complex.
US sheet buyers have grappled with supply scarcity in both the spot and contract markets throughout 2026. Now the supply squeeze is spilling over into 2027, according to market participants.
Several steel trade organizations have called on President Trump to resist weakening Section 232 steel tariffs.
The US Commerce Department has raised the anti-dumping duties (AD) on imports of oil country tubular goods (OCTG) from South Korea.