Steel Prices
Cliffs up $30/ton, seeks $730/ton for HR
Written by Michael Cowden
August 21, 2024
Cleveland-Cliffs aims to fetch $730 per short ton (st) for hot-rolled coil, up $30/st from its last published price.
The steelmaker said the move was effective immediately and “due to ongoing market developments” in a letter to customers on Wednesday, Aug. 21.
“Cleveland-Cliffs Steel will continue monitoring several key market drivers and reserves the right to modify pricing prior to opening the spot October booking availability,” the company added.
SMU has updated its mill price announcement calendar to reflect the announcement.
Note that Cliffs’ new price is also $35/st higher than Nucor’s published HR price of $695/st.
Recall that Nucor updates its published price every Monday. Cliffs price is officially a monthly one. But the steelmaker has said it reserves the right to update its price more frequently if it sees fit.
SMU’s HR price stands at $675/st on average, up $10/st from last week and up $40/st from late July. We will next update prices on Tuesday.
Michael Cowden
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