Steel Prices
Cliffs Increases Sheet Prices, Sets $750/t Base for HRC
Written by David Schollaert
September 27, 2023
Cleveland-Cliffs plans to significantly increase prices for steel sheet effective immediately, the company said in a press release on Wednesday, Sept. 27.
The Cleveland-based steelmaker also said its new minimum base price for hot-rolled coil (HRC) will be $750 per ton ($37.50 per cwt).
The company did not say what the amount of the increase was. But $750 per ton would represent a $105-per-ton increase over SMU’s HRC prices, which settled on Tuesday evening at $645 per ton.
Cliffs did not specify a target price for cold-rolled or coated products but said the increase applied equally to all sheet products.
SMU’s HRC price stands at $645 per ton was down $20 per ton vs. the prior week and down $515 per ton from a 2023 peak recorded in mid-April.
That marks the lowest point for hot band prices since mid-December 2022, per our pricing tool.
The increase move caught some market participants by surprise, especially coming amid the ongoing UAW strike.
But others have noted that, the strike aside, demand remains firm. Some have also pointed to lower inventories and less import buying as factors that could support a price floor.
David Schollaert
Read more from David SchollaertLatest in Steel Prices
HR Futures: Low-key market despite Trump tariffs
Despite the hand-wringing and head-scratching about the impact of President Trump’s tariff policy, the HRC futures market has been relatively subdued since our last writing of this article.
SMU price ranges: Steel’s slow slide into summer continues
Steel buyers said Nucor’s price decrease was a public acknowledgement of what most of the market had already known - that sheet prices were moving lower in a more significant way. The question now is whether mills and service centers will manage the decline or whether prices might fall rapidly, they said.
SMU annual price review
Please take a moment to complete our short survey and share your views on how our prices, methodologies, and definitions can better support your work. Your feedback plays a key role in how we continue to serve you and the wider steel market.
Nucor lowers HRC price to $910/ton
After holding its weekly spot price for hot-rolled (HR) coil steady for three weeks at $930 per short ton (st), Nucor lowered the price this week by $20/st.
US, offshore CRC prices edge lower
US cold-rolled (CR) coil prices edged lower again this week, slipping four weeks in a row now. Most offshore markets mirrored the move, ticking down marginally as well.