American steelmaker Cleveland-Cliffs has announced the opening of its May order book for hot rolled steel (HRC), setting its price at $975/tonne. The new price level is effective immediately, but the company reserves the right to adjust offers, according to a statement to customers.
Cleveland-Cliffs notes that the increased activity in the market is driven by strong demand from key industries, including those that use steel intensively: mechanical engineering, automotive, construction, etc. The impact of onshoring initiatives, a process that has intensified in recent years amid changes in the global supply chain and the desire to reduce dependence on imported products, is also emphasized.
“We see additional opportunities in the marketplace arising from several onshoring programs, as well as strong demand from our contract OEM customers,” said Michael J. Grossick, senior vice president of commercial at Cleveland-Cliffs, in a letter.
At the end of February 2025, the company announced the opening of its April order book for hot-rolled coils at $900 per tonne. Thus, the supply increased by $75/t in May.
As GMK Center reported earlier, for the second week in a row, Nucor has maintained its weekly spot price (WSP) for hot-rolled coils at $935 per short tonne for all production facilities, except for California Steel Industries (CSI), where the price is $995 per tonne. The market slowdown was followed by a 9-week increase in supply (from January 21, 2025). In general, Nucor has increased its prices for hot-rolled steel by $175/t since the beginning of the year.
