Steel Prices
Cleveland-Cliffs Raises Sheet Prices, Seeks $900/ton for HRC
Written by Michael Cowden
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
Read more from Michael CowdenLatest in Steel Prices
SMU price ranges: Market stabilizes as summer slowdown begins
Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.
CRU: Pig iron prices stable to low in key markets amid soft demand
Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.
SMU price ranges: Indices drop across the board
All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.
HRC vs. prime spread narrows further in May
The price spread between hot-rolled coil (HRC) and prime scrap narrowed again in May, according to SMU’s most recent pricing data.
Miller on Pig Iron: Buyers eye lower prices
Since the US ferrous scrap settlements for May have been finalized, steelmakers are turning their attention to continued pig iron flows with the wind behind their backs.