SMU Price Ranges: Flat-Rolled Prices Press Sharply Higher Again

Flat-rolled steel prices continue to rise in response to repeated mill pricing announcements, a trend we’ve seen nearly weekly since Monday, Nov. 28, 2022. Hot-rolled coil (HRC) prices have surged by $490 per ton – a 78% jump – since Cleveland-Cliffs and US Steel kicked off the craze with $60-per-ton price hikes.

On Monday, Cliffs came out with yet another notice – up an extra $100 per ton ($5 per cwt) and setting a new base price for hot band of $1,200 per ton. Monday’s announcement came after Nucor and ArcelorMittal on March 3 increased prices and targeted $1,150 per ton as a base price for HRC.

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.