Market Segment
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
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