Steel Prices

Cliffs moves sheet prices higher, seeks $1,100/ton HRC

December 6, 2023

Cleveland-Cliffs is now targeting base prices of $1,100 per ton ($55 per cwt) for hot-rolled coil (HRC).

Cliffs said the move was effective immediately on all new orders and that it had also increased tags for cold-rolled and coated products.

The latest move by the Cleveland-based steelmaker represents an increase of $100 per ton from its previous notice on Nov. 7, according to SMU’s steel mill price increase calendar. It also matches Nucor’s Nov. 27 tag hike.

SMU’s HRC price stands at $1,020 per ton ($51 per cwt) on average, according to our check of the market on Dec. 5. Tags are up $70 per ton from last week and up $375 per ton (or 58%) from a 2023 low of $645 per ton in late September.

This marks the first time HRC prices have averaged more than $1,000 per ton since mid-May, nearly seven months ago, according to our pricing tool.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.