Cleveland-Cliffs said it is raising current spot market base prices for all carbon hot-rolled, cold-rolled, and coated steel products by a minimum of $50 per net ton ($2.50 per cwt), effective immediately with all new orders.
The Cleveland-based steelmaker said it had seen increases in both pricing and volume from its automotive steel business since the beginning of the year. This has reduced material available to be sold on a spot basis, the company said in a press release on Tuesday, Jan. 17.
Cliffs noted that the latest price increase is in response to this dynamic, adding that its minimum base price for hot-rolled steel is now $800 per net ton ($40 per cwt).
The company has announced three price increases totaling $160 per ton over the last two months. The first, of $60 per ton, was announced the week after Thanksgiving. A second, of $50 per ton, was announced in mid-December.
SMU’s hot-rolled coil price was at $735 per ton when this article was filed. That’s up $65 per ton from a month ago and up $115 per from late November, according to our interactive pricing tool.
By Ethan Bernard, Ethan@SteelMarketUpdate.com
Latest in SMU Data and Models
SMU survey: Current Buyers’ Sentiment wanes, Future Sentiment rises
SMU’s Current Steel Buyers’ Sentiment Index eased to an eight-week low, according to our most recent survey data.
SMU market survey results now available
The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, […]
SMU survey: Steel mill lead times near 5-month low
Steel mill lead times shrunk by an average of 0.3 weeks, according to our latest market survey, now nearing levels last seen in September of last year.
SMU survey: Mills more willing to negotiate lower spot prices
Steel buyers generally found mills more willing to negotiate spot pricing on the products SMU surveys this week, according to our most recent survey data.
SMU Steel Demand Index sags, hits four-month low
Steel Market Update’s Steel Demand Index has moved lower, having remained in contraction territory for the better part of the past two months, according to our latest survey data.