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
Michael Cowden
Read more from Michael CowdenLatest in Final Thoughts
Final Thoughts
SMU’s hot-rolled coil price increased for a third consecutive week. And the gains were more pronounced this time following a price hike initiated on Friday by NLMK USA.
Final Thoughts
SMU digs into the vault to look back at an old survey, and to tell what exciting things are still to come.
Final Thoughts
Below are some other issues that should be on your radar. Because while prices have been steady, a lot is going on when it comes to news that could impact them.
Final Thoughts: Survey says edition
It's can-kicking at its finest. And it’s been drawn out! Some are getting so good at it, they’re kicking cans and taking names.
Final Thoughts
We just wrapped up another Steel 101 workshop, easily the most hands-on industry workshop on steelmaking and market fundamentals.
