Steel Prices

Cleveland-Cliffs Raises Sheet Prices, Seeks $900/ton for HRC

October 31, 2023

Cleveland-Cliffs said Tuesday that it would increase spot market base prices for carbon hot-rolled, cold-rolled, and coated steel sheet.

The Cleveland-based steelmaker also said it would seek at least $900 per ton ($45 per cwt) for hot-rolled coil (HRC).

The company said the price hike was effectively immediately in a press release.

Cliffs did not specify the amount of the increase. But the company on Oct. 19 set a minimum base price of $800 per ton for HRC. That implies that Tuesday’s increase is for $100 per ton.

That amount matches the $100-per-ton price hike announced by U.S. Steel on Oct. 26.

Domestic sheet prices have bottomed out and rebounded after falling into the low/mid $600s per ton in late September. Domestic sheet prices have not been at or above $900 per ton since mid-June.

Michael Cowden

Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.