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

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He has since 2014 specialized in flat-rolled steel but has previously reported on steel long products, steel pipe and tube as well as aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago - where he was involved in launching AMM's daily hot-rolled coil index, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

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