Steel Prices

Cleveland-Cliffs Raises Sheet Prices, Seeks $900/ton for HRC
Written by Michael Cowden
October 31, 2023
Cleveland-Cliffs said Tuesday that it would increase spot market base prices for carbon hot-rolled, cold-rolled, and coated steel sheet.
The Cleveland-based steelmaker also said it would seek at least $900 per ton ($45 per cwt) for hot-rolled coil (HRC).
The company said the price hike was effectively immediately in a press release.
Cliffs did not specify the amount of the increase. But the company on Oct. 19 set a minimum base price of $800 per ton for HRC. That implies that Tuesday’s increase is for $100 per ton.
That amount matches the $100-per-ton price hike announced by U.S. Steel on Oct. 26.
Domestic sheet prices have bottomed out and rebounded after falling into the low/mid $600s per ton in late September. Domestic sheet prices have not been at or above $900 per ton since mid-June.

Michael Cowden
Read more from Michael CowdenLatest in Steel Prices

HR Futures: Nascent rally in HRC futures settles above 6-week downtrend
The CME Midwest HRC futures market’s response to Trump’s election and subsequent comments about blanket 25% tariffs on Canada and Mexico was surprisingly counterintuitive.

SMU price ranges: Tags flat or down, sheet momentum ‘lower’
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.

Pig iron markets seek clarity after tariff confusion
The pig iron markets have been quiet for the last several weeks, as tariff implementation on imports into the US became a reality. There has been debate on which party will have to pay the tariff. A recent transaction could provide the answer to that question.

HR Futures: Market at crossroads after turbulent run
The market appears to be pausing after a turbulent run. But tension remains just beneath the surface. With net long positioning still elevated, sentiment-driven selling could quickly reignite volatility. Still, supply constraints and limited imports are laying the groundwork for a resilient physical market. This moment of calm feels more like a crossroads than a conclusion.

CRU: Iron ore falls to a 7-month low on escalating trade war
Iron ore prices were largely steady in March, hovering around $100–102 per dry metric ton (dmt) in a quiet market.