Steel Mills

Cleveland-Cliffs Announces $60/Ton Sheet Price Hike
Written by David Schollaert
November 28, 2022
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt).
The move is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Monday, Nov. 28.
The Cleveland-based company last announced a price increase on Aug. 24, when it boosted tags by at least $75 per ton. The late August increase came after domestic competitor Nucor Corp. announced a price hike of $50 per ton earlier in the month.
At that time, the move provided little lift to the declining market. Prices bumped up about $15 per ton in response to the repeated notices and fluctuated between $770-780 per ton for roughly five weeks. The move temporarily stalled price declines. But prices later resumed their slide on uneven demand.
The question now is this: Will the price increase stick this time around and kickstart buying, or will it be a dead-cat bounce like it was last time?
SMU’s hot-rolled coil price stands at $615 per ton, down $15 per ton from the prior week and marking the lowest prices for HRC since late September 2020.
By David Schollaert, David@SteelMarketUpdate.com

David Schollaert
Read more from David SchollaertLatest in Steel Mills

SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant

ArcelorMittal’s EAF in Alabama expects first heat in Q2
The facility at AMNS Calvert will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material.

Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.

SSAB reports higher production, shipments
But profits slipped vs. last year.

Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.