Final Thoughts

Cliffs Raises Sheet Prices Another $50/ton, Targets $850/ton HRC

Written by Michael Cowden

Cleveland-Cliffs Inc. aims to increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt).

The Cleveland-based steelmaker said the move was effective immediately and applied equally to hot-rolled, cold-rolled, and coated products.

Cliffs logo2.2The company said it also set a minimum base price of $850 per ton for hot-rolled coil, according to a press release dated Thursday, Feb. 2.

The move comes little more than two weeks after Cliffs announced a prior round of $50/ton sheet price hikes and a target base of $800 per ton for HRC.

Cliffs has now announced four price increases totaling $210 per ton since late November.

SMU’s hot-rolled coil price stands at $780 per ton, up about 12% ($85 per ton) from early January, and up nearly 27% ($165) per ton before Thanksgiving, according to our interactive pricing tool.

Recall that hot-rolled coil prices hit a 2022 low of $615 per ton shortly before the holiday. They have been rising steadily since Cliffs announced an initial round of price hikes the week after Thanksgiving.

By Michael Cowden,

Michael Cowden

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