Final Thoughts
Cliffs Raises Sheet Prices Another $50/ton, Targets $850/ton HRC
Written by Michael Cowden
February 2, 2023
Cleveland-Cliffs Inc. aims to increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt).
The Cleveland-based steelmaker said the move was effective immediately and applied equally to hot-rolled, cold-rolled, and coated products.
The company said it also set a minimum base price of $850 per ton for hot-rolled coil, according to a press release dated Thursday, Feb. 2.
The move comes little more than two weeks after Cliffs announced a prior round of $50/ton sheet price hikes and a target base of $800 per ton for HRC.
Cliffs has now announced four price increases totaling $210 per ton since late November.
SMU’s hot-rolled coil price stands at $780 per ton, up about 12% ($85 per ton) from early January, and up nearly 27% ($165) per ton before Thanksgiving, according to our interactive pricing tool.
Recall that hot-rolled coil prices hit a 2022 low of $615 per ton shortly before the holiday. They have been rising steadily since Cliffs announced an initial round of price hikes the week after Thanksgiving.
By Michael Cowden, michael@steelmarketupdate.com
Michael Cowden
Read more from Michael CowdenLatest in Final Thoughts
Final Thoughts
Some of you have told me that the current market feels about as crazy as early 2021 when demand snapped back after the initial outbreak of the Covid-19 pandemic. Others have said it might be more like late February/early March 2022, when Russia launched a full-scale invasion of Ukraine – and, in the process, caused […]
Final Thoughts
To say we’ve entered a “Brave New World” since Jan. 20 might be an exaggeration, but we’ve definitely entered a different one.
Final Thoughts
I think it’s fair to say that the last few weeks – and last week especially – have been among the most intense for any of us covering steel (or aluminum).
Final Thoughts
A look at how SMU survey respondents are reacting to President Trump's recent actions on tariffs.
Final Thoughts
A lot of the changes basically entail rolling back what I’ll call, for fun, Section 232 Lite. S232 Lite resulted from watering down what I’ll call OG S232 – the one first imposed in March 2018 - with exemptions and exclusions over the years. Now, OG Section 232, is back with its across-the-board 25% tariffs against everyone.