Steel Prices
Cliffs increases sheet prices again, seeks $1,150/ton HRC
Written by David Schollaert
January 3, 2024
Cleveland-Cliffs is now targeting base prices of $1,150 per ton for hot-rolled coil (HRC), according to a press release on Wednesday morning, Jan. 3.
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 $50 per ton from its previous notice on Dec. 6, according to SMU’s steel mill price increase calendar.
SMU’s HRC price stands at $1,045 per ton ($52.25 per cwt) on average, according to our check of the market on Jan. 2. Tags are up $5 per ton from last week and up $400 per ton from a 2023 low of $645 per ton in late September, according to our pricing tool.
The move was in line with what some in the market had told SMU, with another round of mill price hikes expected. The expectation from some is that while a price increase may not succeed, it would at least stabilize prices in the interim.
Time will tell what happens next.
David Schollaert
Read more from David SchollaertLatest in Steel Prices
US CR prices move up while import prices mixed
The price gap between US-produced cold-rolled (CR) coil and offshore products narrowed slightly in the week ended Oct. 4, mainly due to a price jump in Asian markets.
CRU: US longs prices remain mostly flat in October
CRU Senior Steel Analyst Alexandra Anderson shares insight into the current market for long steel products.
HR futures: How many ways to stay the same?
While the English language is vast, there is not an endless number of ways to say, “no major changes have transpired.” And if anyone has been tasked with talking about steel price changes in physical and futures US domestic steel market over the last four months, they are probably stretching their ability to its limit.
US, offshore HR prices diverge a bit more
US hot-rolled (HR) coil prices moved slightly higher again this past week but remain marginally higher than offshore material on a landed basis. Since reaching parity with import prices in late August, domestic prices have been slowly pulling ahead of imports. This has been driven by a slight deviation in price movements – slow but […]
SMU price ranges: Sheet sideways to up, plate slips
Steel prices ticked higher this week for most of the sheet products SMU tracks, back up to highs last recorded in June and July. Meanwhile, plate prices edged lower following three weeks of stability.