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
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