American steelmaker Cleveland-Cliffs Inc. has announced an increase in the monthly spot price for hot-rolled coils by $20 per tonne, from $730 per tonne to $750 per tonne. This is stated in a letter to customers.
Sources in the flat products market indicate that consumers agree to a moderate price increase. The transparency of spot prices provided by Cleveland-Cliffs and Nucor is helping to increase consumer confidence in buying.
According to Kallanish, prices for hot-rolled coils in North America have increased by $10/t Ex-Works since the beginning of September to $700-710 per short ton. This was driven by a gradual recovery in demand from the construction industry and service centers.
As a reminder, last week Nucor announced an increase in the weekly spot price for hot rolled coil (HRC) by $10/t compared to the previous week, to $720 per short ton. At the same time, Nucor had kept HRC spot prices at $710 per tonne for the previous two weeks. The last increase occurred on August 26 – by $15/t, from $695/t to $710/t.
In August 2024, prices for hot rolled coil in North America increased by $50/t Ex-Works – to $700/t. The price increase was the first in the last 3 months. Product prices have bottomed out, mainly due to an increase from Nucor.
In July, global hot-rolled coil prices continued to decline in most major markets. In Europe, the situation was largely stable, with minor fluctuations, while the US and China saw a 4-7% decline in prices. In particular, Chinese prices hit a 4-year low, while US prices reached their lowest level since September 2023.
