Steel Prices

Cliffs moves sheet prices higher, seeks $1,100/ton HRC

Written by David Schollaert

Cleveland-Cliffs is now targeting base prices of $1,100 per ton ($55 per cwt) for hot-rolled coil (HRC).

Cliffs said the move was effective immediately on all new orders and that it had also increased tags for cold-rolled and coated products.

The latest move by the Cleveland-based steelmaker represents an increase of $100 per ton from its previous notice on Nov. 7, according to SMU’s steel mill price increase calendar. It also matches Nucor’s Nov. 27 tag hike.

SMU’s HRC price stands at $1,020 per ton ($51 per cwt) on average, according to our check of the market on Dec. 5. Tags are up $70 per ton from last week and up $375 per ton (or 58%) from a 2023 low of $645 per ton in late September.

This marks the first time HRC prices have averaged more than $1,000 per ton since mid-May, nearly seven months ago, according to our pricing tool.

David Schollaert

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