Market Segment

Cliffs moves sheet prices up by $60/st, seeks $900/st HRC

Written by David Schollaert

March 27, 2024

Cleveland-Cliffs aims to increase sheet prices by $60 per short ton (st) and is seeking a new target base for hot-rolled coil (HRC) of $900/st.

That’s according to a press release circulated on Wednesday morning, March 27.

Cliffs said the move was effective immediately on all new orders. The increase applies equally to cold-rolled and coated products.

The latest move by the Cleveland-based steelmaker comes roughly three weeks after Cliffs, Nucor, and ArcelorMittal all set new target minimums for HRC, according to SMU’s steel mill price increase calendar.

SMU’s HRC price stands at $810/st on average, according to our check of the market on March 26. Tags were up $15/st from last week, according to our pricing tool.

The move was in line with what most in the market had told SMU over the past week. Namely, the first price notice in early March would stabilize prices followed by another round of increases to move them higher.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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