SMU Data and Models
Cliffs Hiking HR, CR, and Coated Spot Prices $50 Per Ton
January 17, 2023
Cleveland-Cliffs said it is raising current spot market base prices for all carbon hot-rolled, cold-rolled, and coated steel products by a minimum of $50 per net ton ($2.50 per cwt), effective immediately with all new orders.
The Cleveland-based steelmaker said it had seen increases in both pricing and volume from its automotive steel business since the beginning of the year. This has reduced material available to be sold on a spot basis, the company said in a press release on Tuesday, Jan. 17.
Cliffs noted that the latest price increase is in response to this dynamic, adding that its minimum base price for hot-rolled steel is now $800 per net ton ($40 per cwt).
The company has announced three price increases totaling $160 per ton over the last two months. The first, of $60 per ton, was announced the week after Thanksgiving. A second, of $50 per ton, was announced in mid-December.
SMU’s hot-rolled coil price was at $735 per ton when this article was filed. That’s up $65 per ton from a month ago and up $115 per from late November, according to our interactive pricing tool.
By Ethan Bernard, Ethan@SteelMarketUpdate.com
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