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

HR Futures: Correction in market after big rally
Another eventful week in the physical and financial steel markets is coming to a close, but with a markedly different tone than the last update at the end of February.

US and offshore HRC prices tick lower
The threat of tariffs over the past two months has been a springboard for US prices. But the Section 232 reinstatement on March 13 narrowed the domestic premium over imports on a landed basis.

SMU price ranges: Mixed market as buyers await trade clarity
SMU's steel price indices moved in differing directions this week but remained largely stable as cautious buyers await clarity on pending steel tariffs and trade cases.

Nucor slows HRC price climb with $5/ton increase
After eight weeks of double-digit price increases on hot-rolled (HR) coil, Nucor slowed the price rise this week with an increase of $5 per short ton.

HR Futures: Market drifts lower on light volume
Over the past couple of weeks, Midwest HRC futures have been drifting lower on light volume. This begs the question if the rally has run out of steam, or is it catching its breath after ripping roughly $150 in less than two weeks? The April CME Midwest HRC future made an intraday high at $976 […]