Steel Mills

Stelco Follows $60/Ton Sheet Price Push

November 30, 2022

Stelco Holdings Inc. intends to increase spot prices for carbon steel sheet by at least CAD $80 per ton (USD $60 per ton or $4 per cwt).

The move is effective immediately, the company said in a letter to customers on Tuesday, Nov. 29, and applies equally to all new orders of hot-rolled, cold-rolled, and coated steel products in North America.

The Hamilton, Ontario-based steelmaker is the third North American mill to announce a price increase this week. Cleveland-Cliffs and US Steel both announced a $60-per-ton price increase on all flat-rolled products on Monday.

SMU’s HRC price now stands at $625 per ton as of Nov. 29, up $10 per ton from the previous week. It’s still too early to tell if the latest round of mill increases will in fact provide some lift to eroding tags or if it will ultimately be like the price-hike notices back in August. At the time, the move only temporarily delayed an inevitable second round of decreases.

By David Schollaert, David@SteelMarketUpdate.com

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.