Steel Prices

Cliffs Lifts Sheet Prices, Seeks $1,000/ton HRC
Written by Michael Cowden
November 7, 2023
Cleveland-Cliffs Inc. said on Tuesday that it had raised minimum base prices for hot-rolled coil (HRC) to $1,000 per ton ($50 per cwt).
Cliffs said the move was effectively immediately and that it had also increased price for cold-rolled and coated products.
The company did not specify the amount of the price hike. It also did not say what its new base prices for cold-rolled and coated might be.
That said, the move represents a $100-per-ton increase compared to the $900-per-ton base the Cleveland-based steelmaker said it was seeking for HRC on Oct. 31, just a week ago.
It also represents a $200-per-ton increase from the $800 per ton Cliffs sought for hot band on Oct. 19, less than a month ago. (SMU’s price increase calendar is helpful for keeping score.)
Domestic mils have been seeking to maintain a $200-per-ton spread between HR base prices and those for CR and coated products. This implies that Cliffs could be seeking as much as $1,100 per ton for tandem products.
HRC prices have not been at or above $1,000 per ton since May, according to our interactive pricing tool.

Michael Cowden
Read more from Michael CowdenLatest in Steel Prices

SMU Price Ranges: Sheet and plate move ‘soft sideways’ to start August
Sheet and plate prices were either flat or modestly lower this week on softer demand and increasing domestic capacity.

Plate prices slip even as mills officially keep tags unchanged
US plate market participants are not fazed by the constricted nature of the current spot market pricing environment. Right now, they said, mill’s choosing to hold prices from one month to the next makes sense because service centers remain amply supplied and demand is stable. Modest upticks or slips in prices are aligned with most of the participants' expectations right now.

Nucor Plate Group maintains prices for 6th consecutive month
Nucor Plate Group has informed customers that August spot prices will remain flat.

Nucor lowers HRC list price to $890/ton
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was adjusted $10 per short ton (st) lower this week after holding steady last week.

Most steelmaking raw material prices hold firm
Prices for four of the seven steelmaking raw materials we track were unchanged from late June through the end of July, while two increased and one declined. Collectively, these material prices rose 1% month over month (m/m), but are down 3% compared to three months ago.