Steel Prices

Cleveland-Cliffs Raises Sheet Prices, Seeks $900/ton for HRC

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

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He has since 2014 specialized in flat-rolled steel but has previously reported on steel long products, steel pipe and tube as well as aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago - where he was involved in launching AMM's daily hot-rolled coil index, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.