Steel Mills
Cliffs Joins SSAB in Increasing Plate Prices by $60/ton
Written by Michael Cowden
March 2, 2023
Cleveland-Cliffs Inc. aims to increase base prices for steel plate by at least $60 per ton ($3 per cwt).
The Cleveland-based steelmaker said the move was effective immediately on all new, non-contract orders.
It applies equally to as-rolled, normalized, and quenched-and-tempered material, Cliffs said in a press release on Thursday, March 2.
“Cliffs also reserves the right to re-quote any open offers not confirmed by a Cliffs order acknowledgment,” the company said.
Cliffs’ price hike follows one of the same amount announced by SSAB Americas on Friday, Feb. 24.
The moves are notable because SSAB and Cliffs are two of three major plate producers in the US. Nucor is the third.
SMU’s plate price currently stands at $1,490 per ton, up 3.5% from $1,440 per ton a week ago. Before the latest increases plate prices had been steady around $1,430-1,440 per ton since early December, according to our pricing tool.
The gains in plate have been modest compared to those in sheet. Hot-rolled coil, for example is at $935 per ton, up 6.9% from $875 per ton a week ago and up nearly 50% from $625 per ton in early December.
By Michael Cowden, michael@steelmarketupdate.com
Michael Cowden
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