Steel Mills
Cleveland-Cliffs Announces $60/Ton Sheet Price Hike
Written by David Schollaert
November 28, 2022
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt).
The move is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Monday, Nov. 28.
The Cleveland-based company last announced a price increase on Aug. 24, when it boosted tags by at least $75 per ton. The late August increase came after domestic competitor Nucor Corp. announced a price hike of $50 per ton earlier in the month.
At that time, the move provided little lift to the declining market. Prices bumped up about $15 per ton in response to the repeated notices and fluctuated between $770-780 per ton for roughly five weeks. The move temporarily stalled price declines. But prices later resumed their slide on uneven demand.
The question now is this: Will the price increase stick this time around and kickstart buying, or will it be a dead-cat bounce like it was last time?
SMU’s hot-rolled coil price stands at $615 per ton, down $15 per ton from the prior week and marking the lowest prices for HRC since late September 2020.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Mills
Algoma to conclude planned plate mill outage at month’s end
Algoma Steel Inc. expects to wrap up a previously announced outage on its plate mill by the end of this month, a company spokeswoman said. The outage is part of the Canadian flat-rolled steelmaker’s $130 million CAD ($95 million USD) modernization project. It began in mid-April.
SDI execs detail April outage at Sinton, address ‘robust’ HR-CR spread
Steel Dynamics Inc. (SDI) executives said the company's Sinton, Texas, sheet mill should be able to increase melt capacity after an outage earlier this month. Sinton should see "additional improvements in production" after taking "several maintenance days in April," Barry Schneider, SDI president and COO, said in a Q1 earnings conference call on Wednesday.
SSAB Americas Q1 results hit by lower plate prices, demand
Lower demand and prices for steel plate impacted SSAB Americas’ results in the first quarter, Swedish parent company SSAB said in its Q1'24 interim report.
Cliffs working on a transforming solution for Weirton mill
Cleveland-Cliffs is working on a solution for its recently idled mill in Weirton, W.Va., that will address pent-up demand for transformers, increase the need for its electrical steel, and get its workforce back to work.
Cliffs being selective with auto clients on strength in sector
With strength in the sector and customers needing the product it produces, Cleveland-Cliffs’ chief executive says the company will be more selective with the automotive customers it chooses to serve.