Steel Prices
Cliffs Lifts Sheet Prices, Seeks $1,000/ton HRC
Written by Michael Cowden
November 7, 2023
Cleveland-Cliffs Inc. said on Tuesday that it had raised minimum base prices for hot-rolled coil (HRC) to $1,000 per ton ($50 per cwt).
Cliffs said the move was effectively immediately and that it had also increased price for cold-rolled and coated products.
The company did not specify the amount of the price hike. It also did not say what its new base prices for cold-rolled and coated might be.
That said, the move represents a $100-per-ton increase compared to the $900-per-ton base the Cleveland-based steelmaker said it was seeking for HRC on Oct. 31, just a week ago.
It also represents a $200-per-ton increase from the $800 per ton Cliffs sought for hot band on Oct. 19, less than a month ago. (SMU’s price increase calendar is helpful for keeping score.)
Domestic mils have been seeking to maintain a $200-per-ton spread between HR base prices and those for CR and coated products. This implies that Cliffs could be seeking as much as $1,100 per ton for tandem products.
HRC prices have not been at or above $1,000 per ton since May, according to our interactive pricing tool.
Michael Cowden
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