Steel Prices

Cliffs to post monthly spot HR price, starts with $850/ton

Written by David Schollaert

April 26, 2024

Cleveland-Cliffs said its base spot price for hot-rolled (HR) coil will be $850 per short ton (st) with the opening of its June order book.

The company made the announcement in a press release and in a letter to customers on Friday.

The Cleveland-based steelmaker said the price is “for all new spot inquiries” but remains “subject to intermonth revisions as needed to reflect market changes.”

Earlier on Friday, Cliffs announced it would publish a monthly spot HR price to coincide with the opening of its monthly order book.

The move follows Nucor’s recently adopted weekly spot HR coil price, which was implemented in “response to industry trends and feedback from customers,” according to the company.

“We encourage market transparency and have been pleased to see other market participants be more open with their pricing,” said Cliffs Chairman, President, and CEO Lourenco Goncalves.

“As the largest producer of flat-rolled steel in North America, we felt it necessary to do the same to make sure our customers had the most timely and reliable pricing information,” he added.

Nucor’s published spot HR price stood at $835/st on Friday. The Charlotte, N.C-based steelmaker will update its price on Monday.

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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