Steel Prices
Cliffs Increases Sheet Prices, Sets $750/t Base for HRC
Written by David Schollaert
September 27, 2023
Cleveland-Cliffs plans to significantly increase prices for steel sheet effective immediately, the company said in a press release on Wednesday, Sept. 27.
The Cleveland-based steelmaker also said its new minimum base price for hot-rolled coil (HRC) will be $750 per ton ($37.50 per cwt).
The company did not say what the amount of the increase was. But $750 per ton would represent a $105-per-ton increase over SMU’s HRC prices, which settled on Tuesday evening at $645 per ton.
Cliffs did not specify a target price for cold-rolled or coated products but said the increase applied equally to all sheet products.
SMU’s HRC price stands at $645 per ton was down $20 per ton vs. the prior week and down $515 per ton from a 2023 peak recorded in mid-April.
That marks the lowest point for hot band prices since mid-December 2022, per our pricing tool.
The increase move caught some market participants by surprise, especially coming amid the ongoing UAW strike.
But others have noted that, the strike aside, demand remains firm. Some have also pointed to lower inventories and less import buying as factors that could support a price floor.
David Schollaert
Read more from David SchollaertLatest 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.