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

US CRC prices dip, widening gap vs. imports
Cold-rolled (CR) coil prices continued to decline in the US this week, while prices in offshore markets ticked higher.

HR Futures: Curve switches gears
After a period of backwardation driven by headlines and CRU index anchoring, the CME HRC curve structure has undergone a notable shift.

US HR prices remain sharply higher than EU HR on 50% S232
Hot-rolled (HR) coil prices in the US edged lower again this week but have remained in a tight band for roughly four months. Stateside prices continue to trail imports from Europe, supported by Section 232 steel tariffs that were doubled in early June.

SMU price ranges: Sheet and plate drift lower as summer lull continues
Steel prices continued to decline this week across all of the sheet and plate products tracked by SMU, pressured by short lead times and the typical summer slowdown.

Nucor lowers HR price to $900/ton
Nucor is lowering its list price for spot hot-rolled coil for the first time since May 27.