Steel Mills
Cliffs Up $100/Ton on Sheet, Targets $1,100/Ton HRC
Written by David Schollaert
February 27, 2023
Cleveland-Cliffs aims to push its hot-rolled coil price up by at least another $100 per ton ($5 per cwt) in its fourth sheet price hike this month.
Cliffs made the announcement in a press release on Monday, Feb. 27, just six days after announcing another $100-per-ton increase. Cliffs said its new target base price for hot band is now $1,100 per ton.
The increase was effective immediately, the Cleveland-based steelmaker said, and applied equally to all new orders of hot-rolled, cold-rolled, and coated products. It did not, however, provide target base prices for cold-rolled and coated material.
Cliffs has now hiked sheet prices by $300 per ton since its initial increase on Feb. 2. We track North American steel mill price increase announcements on flat-rolled and plate products. You can view them here.
It has been more than eight months since hot band was at or above $1,100 per ton, according to SMU’s interactive pricing tool. At the time, though, prices had just begun a 24-week pricing collapse from the most recent high of $1,480 per ton set in mid-April.
Steel Market Update’s hot-rolled coil price currently stands at $875 per ton, up roughly 26% from $695 per ton at the beginning of the year and up 42% from a 2022 low of $615 per ton recorded in November.
We update our prices on Tuesday, so our current price does not reflect the latest round of increases.
By David Schollaert, david@steelmarketupdate.com

David Schollaert
Read more from David SchollaertLatest in Steel Mills

August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.

TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.

Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.

ArcelorMittal Dofasco resumes cokemaking after emergency maintenance
The Canadian steelmaker reported on Sept. 30 that “urgent maintenance” was needed in its coke plant off-gas systems. The work required coke oven gas from the No. 2 coke plant to be flared for most of that week.

AISI: Raw steel production ticks back down
US raw steel output declined last week after increasing the week prior, according to the latest data from the American Iron and Steel Institute (AISI). Output has see-sawed from week to week since mid-August. Still, it has remained historically strong over the past four months and has held near multi-year highs since June. Domestic mills […]