Steel Mills
Cliffs Raises Sheet Prices $100/ton, Seeks $1,200/ton HRC
Written by Michael Cowden
March 13, 2023
Cleveland-Cliffs aims to increase spot market prices for hot-rolled, cold-rolled, and coated flat-rolled steel by at least $100 per ton ($5 per cwt) effective immediately.
The Cleveland-based steelmaker also said its new minimum base price for hot-rolled coil (HRC) was $1,200 per ton in a press released on Monday, March 13.
That’s up from the $1,100-per-ton target HRC price it announced in late February.
The company has announced six increases totaling $450 per ton since the beginning of the year. The first three were $50 per ton each and the second three $100 per ton each, according to SMU’s price increase calendar.
Recall, too, that Cliffs rolled out its first increase of the year on Jan. 17, up $50 and targeting $800 per ton. That implied Cliffs’ HRC price at the time was $750 per ton. If the company achieves $1,200 per ton, it would represent a 60% gain in less than three months.
SMU’s HRC price stands at $1,075 per ton, up 46% from $735 per ton in mid-January, per our pricing tool. We will next adjust prices on Tuesday evening.
By Michael Cowden, michael@steelmarketupdate.com

Michael Cowden
Read more from Michael CowdenLatest in Steel Mills

AHMSA opens doors to potential buyers as $1.3B asset auction nears
AHMSA is opening its doors to potential buyers to tour its steel plant and mining operations in northern Mexico in preparation for the next stage of its bankruptcy process: the auction of its assets.

USW seeks clarity on USS plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.

Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.

ArcelorMittal Mexico to import from sister mills as it works to resume DRI production
ArcelorMittal has partially restarted operations at its direct reduction plant in Lazaro Cardenas, Michoacan. An explosion on Aug. 18 rocked the massive steelworks on Mexico’s Pacific coast, impacting production of direct-reduced iron (DRI).

Fall maintenance outages are coming in hot
Labor Day has passed, the sun is starting to set a little earlier each day, and cooler weather has begun to find its way down to many of us across North America. And you know what that means for the steel industry… Fall maintenance outages!