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Cleveland-Cliffs has announced that it is targeting base prices of $1,100 per ton for hot-rolled coil (HRC), representing a $100 increase from its previous notice. The steelmaker’s move is effective immediately on all new orders and also includes increases for cold-rolled and coated products. This is the first time HRC prices have averaged over $1,000 per ton since mid-May.
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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.
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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.
Cleveland-Cliffs, a steelmaker based in Cleveland, has announced that it is targeting base prices of $1,100 per ton ($55 per cwt) for hot-rolled coil (HRC). This move comes into effect immediately for all new orders, and the company has also increased prices for cold-rolled and coated products.
This latest price increase represents an additional $100 per ton from the previous notice given on November 7th, according to SMU’s steel mill price increase calendar. It also matches Nucor’s price hike announced on November 27th.
SMU’s HRC price currently stands at an average of $1,020 per ton ($51 per cwt), as of our market check on December 5th. This reflects an increase of $70 per ton from the previous week and a substantial increase of $375 per ton (or 58%) from a low of $645 per ton observed in late September 2023.
The current average HRC price of more than $1,000 per ton is the first time it has reached this level since mid-May, almost seven months ago, based on our pricing tool.
The steel industry has been experiencing significant price increases and supply constraints in recent months. This has been driven by various factors, including strong demand from the construction and automotive sectors, as well as global supply chain disruptions.
As a result, steel prices have been on an upward trajectory, and steelmakers are taking advantage of the market conditions to raise their prices. It remains to be seen how these price increases will impact the overall steel market and its various stakeholders in the coming months..
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Steel Market Update said BREAKING NEWS: Cliffs moves sheet prices higher, seeks $1,100/ton HRC
