Prices
December 13, 2024
Cleveland-Cliffs aims to increase HR prices to $800/ton
Written by Michael Cowden
Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $800 per short ton (st).
The Cleveland-based steelmaker said the increase announcement coincides with the opening of its February order book for both contract and spot tons of HR.
The move represents a $50/st increase from Cliffs’ previous list price of $750/st. The company had been at $750/st since mid-September, according to SMU’s price increase calendar.
Cliffs said the price hike was necessary “given recent trends favorable to overall market perspective.” The company also cited improved order flows in a letter to customers dated Friday, Dec. 13.
One important note: Cliffs said that it had closed its January HR order book “effective immediately.” But, it added, “we will continue to allow contractual obligations for January to be booked in compliance with the prescribed volume agreements.”
SMU’s HR price has been below mill list prices in recent months. Our HR price index currently stands at $675/st. That’s down $5/st from a month ago and down $365/st from this time last year, according to SMU’s interactive pricing tool.
