Steel Prices
Cliffs up $20/ton on HR, seeking $750/ton
Written by Michael Cowden
September 17, 2024
Cleveland-Cliffs aims to increase hot-rolled (HR) coil prices to $750 per short ton (st), effective immediately.
The move represents a $20/st price hike compared to the Cleveland-based steelmaker’s last published price of $730/st.
Cliffs said the increase was necessary “due to ongoing market conditions” in a letter to customers on Tuesday. It added that the higher price was valid for all new spot inquiries.
Cliffs’ new HR price is also $30/st higher than that of competitor Nucor. The Charlotte, N.C.-based EAF steelmaker kept its published HR price unchanged at $720/st this week.
Of the four major flat-rolled steelmakers, Cliffs and Nucor are the two that regularly disclose prices. Steel Dynamics Inc. (SDI) does not typically announce price moves. U.S. Steel has not publicly announced increases since it disclosed its planned acquisition by Nippon Steel last December.
You can keep tabs on price announcements from North American mills with SMU’s price increase calendar.
Michael Cowden
Read more from Michael CowdenLatest in Steel Prices
October scrap market settles with bush down $20, shred down $10
Most mills sought a drop of $20-40 per gross ton (gt) in busheling prices and a $20/gt dip for shredded and HMS. Despite efforts to buy cheaper, the busheling price settled at down only $20/gt.
SMU Price Ranges: HR holds, galv slips amid competing market narratives
SMU’s sheet and plate prices see-sawed this week as hot-rolled (HR) coil prices held their ground while prices for galvanized product slipped.
Nucor carries $875/ton HR list price into week seven
Nucor is keeping hot-rolled (HR) coil prices unchanged again this week, according to its latest consumer spot price (CSP) notice issued on Monday, Oct. 6
Gap between US HR and landed import prices starts to narrow
The price gap between stateside hot band and landed offshore product narrowed this week. Still, with the 50% Section 232 tariff, most imports remain much more expensive than domestic material.
SMU Price Ranges: A newsy week sees modest price gains despite a quiet spot market
Market participants predicted that prices should be at or near a bottom. But while most seemed to agree on that point, many also said they saw little upside given a quiet spot market and ongoing concerns about demand.