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

SMU price ranges: Market stabilizes as summer slowdown begins
Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.

CRU: Pig iron prices stable to low in key markets amid soft demand
Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.

SMU price ranges: Indices drop across the board
All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.

HRC vs. prime spread narrows further in May
The price spread between hot-rolled coil (HRC) and prime scrap narrowed again in May, according to SMU’s most recent pricing data.

Miller on Pig Iron: Buyers eye lower prices
Since the US ferrous scrap settlements for May have been finalized, steelmakers are turning their attention to continued pig iron flows with the wind behind their backs.