Steel Prices

Cleveland-Cliffs aims to increase HR prices to $800/ton

Written by Michael Cowden

December 13, 2024

Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $800 per short ton (st).

The Cleveland-based steelmaker said the increase announcement coincides with the opening of its February order book for both contract and spot tons of HR.

The move represents a $50/st increase from Cliffs’ previous list price of $750/st. The company had been at $750/st since mid-September, according to SMU’s price increase calendar.

Cliffs said the price hike was necessary “given recent trends favorable to overall market perspective.” The company also cited improved order flows in a letter to customers dated Friday, Dec. 13.

One important note: Cliffs said that it had closed its January HR order book “effective immediately.” But, it added, “we will continue to allow contractual obligations for January to be booked in compliance with the prescribed volume agreements.”

SMU’s HR price has been below mill list prices in recent months. Our HR price index currently stands at $675/st. That’s down $5/st from a month ago and down $365/st from this time last year, according to SMU’s interactive pricing tool.

Michael Cowden

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, 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.

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