Final Thoughts
Cliffs Raises Sheet Prices Another $50/ton, Targets $850/ton HRC
Written by Michael Cowden
February 2, 2023
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.
The 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@steelmarketupdate.com
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/02/SMU_MC_headshot-150x150.png)
Michael Cowden
Read more from Michael CowdenLatest in Final Thoughts
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/gears.png)
Final thoughts
SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/gears.png)
Final thoughts
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/gears.png)
Final thoughts
They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/gears.png)
Final thoughts
I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/11/SMU-Steel-Summit.png)
Final thoughts
There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!