Steel Prices

Cliffs Increases Sheet Prices, Sets $750/t Base for HRC

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

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.