Cleveland-Cliffs is increasing the spot base prices of hot rolled, cold rolled and coated steel products to $1,000/short ton, Kallanish reports.

The company sent the latest price adjustment notification on Tuesday. The new prices are effective immediately on all new orders.

The US coil market is perceived to be so strong that various mills are raising prices in multiple $100/st increments. Cleveland-Cliffs last had issued a price increase on 31 October, when it set base prices at $900/st, a boost of $100/st from a prior increase, on 19 October, which was a jump to $800/st at the time (see Kallanish passim).

While reporting third-quarter earnings, US Steel mentioned that is order books are full for the remainder of 2023, and the company expects higher pricing in January 2024 (see Kallanish 30 October).

Kallanish's most recent weekly price assessments for hot rolled and cold rolled coil sheets, on 1 November, found ranges of $850-950/st for HRC and $1,050-1,100/st for CRC (see Kallanish 1 November).