Steel Mills
March 13, 2023
Cliffs Raises Sheet Prices $100/ton, Seeks $1,200/ton HRC
Written by Michael Cowden
Cleveland-Cliffs aims to increase spot market prices for hot-rolled, cold-rolled, and coated flat-rolled steel by at least $100 per ton ($5 per cwt) effective immediately.
The Cleveland-based steelmaker also said its new minimum base price for hot-rolled coil (HRC) was $1,200 per ton in a press released on Monday, March 13.
That’s up from the $1,100-per-ton target HRC price it announced in late February.
The company has announced six increases totaling $450 per ton since the beginning of the year. The first three were $50 per ton each and the second three $100 per ton each, according to SMU’s price increase calendar.
Recall, too, that Cliffs rolled out its first increase of the year on Jan. 17, up $50 and targeting $800 per ton. That implied Cliffs’ HRC price at the time was $750 per ton. If the company achieves $1,200 per ton, it would represent a 60% gain in less than three months.
SMU’s HRC price stands at $1,075 per ton, up 46% from $735 per ton in mid-January, per our pricing tool. We will next adjust prices on Tuesday evening.
By Michael Cowden, michael@steelmarketupdate.com
