Steel Prices
Cleveland-Cliffs aims to increase HR prices to $800/ton
Written by Michael Cowden
December 13, 2024
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.
Michael Cowden
Read more from Michael CowdenLatest in Steel Prices
SMU price ranges: Market in holding pattern as clarity sought on Trump tariffs
Sheet and plate prices remained in a holding pattern this week as the market awaited more specifics on potential Trump administration tariffs.
HR vs. galvanized price spread shrinks to 18-month low
The price premium of galvanized coil over hot-rolled (HR) coil has continued to narrow, a downward trend seen for the past seven months. As of this week, the spread between these two products has reached an 18-month low.
HRC vs. prime scrap spread narrows again in January
The price spread between hot-rolled coil (HRC) and prime scrap continued to narrow in January, according to SMU’s most recent pricing data. While SMU’s average HRC price edged down week over week (w/w), it rose compared to a month ago. The January price for busheling also increased from December. Our average HRC price as of […]
SMU price ranges: Slow start to the year
Steel prices ticked lower this week for four of the five products SMU tracks, according to our latest canvass of the sheet and plate markets. Following last week’s bump, our hot rolled, cold rolled, galvanized, and plate indices all edged lower this week by $5-15 per short ton (st) on average. Galvalume was the only […]
Galvanized buyers see glimmers of optimism amidst the chaos
Reflecting on 2024 and looking ahead to the new year, galvanized steel buyers on this month’s HARDI call expressed a mix of cautious optimism with lingering uncertainties.