Steel Prices
Cliffs up $20/ton on HR, seeking $750/ton
Written by Michael Cowden
September 17, 2024
Cleveland-Cliffs aims to increase hot-rolled (HR) coil prices to $750 per short ton (st), effective immediately.
The move represents a $20/st price hike compared to the Cleveland-based steelmaker’s last published price of $730/st.
Cliffs said the increase was necessary “due to ongoing market conditions” in a letter to customers on Tuesday. It added that the higher price was valid for all new spot inquiries.
Cliffs’ new HR price is also $30/st higher than that of competitor Nucor. The Charlotte, N.C.-based EAF steelmaker kept its published HR price unchanged at $720/st this week.
Of the four major flat-rolled steelmakers, Cliffs and Nucor are the two that regularly disclose prices. Steel Dynamics Inc. (SDI) does not typically announce price moves. U.S. Steel has not publicly announced increases since it disclosed its planned acquisition by Nippon Steel last December.
You can keep tabs on price announcements from North American mills with SMU’s price increase calendar.
Michael Cowden
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