Cleveland-Cliffs opens April contracts for hot-rolled steel at $900/t

American steelmaker Cleveland-Cliffs has announced the opening of the April contract period for hot rolled steel (HRC), setting its price at $900 per tonne. This is stated in a letter to customers.

The decision was made after the booking of contracts for March ended on February 19. The company said that the contract book for April will open on February 24, and on February 26, the booking for spot buyers will be opened.

Senior Vice President Michael Hrosik urged customers interested in spot orders to contact their account managers to discuss product availability.

Cliffs’ decision coincides with recent reports on NLMK USA’s pricing policy. According to SMU, the company aims to set the price for hot-rolled steel at $900 per short tonne and $1100 per tonne for coated cold-rolled steel. This confirms the general trend towards price stabilization in the US steel market.

One of the key players in the US market, Nucor, has raised prices for hot-rolled coils for the fourth time since the beginning of the year. Starting from February 17, the base price will be $820 per short tonne for all of the company’s production facilities. In addition, the company announced a $70 per short tonne increase in wire rod prices, effective February 14.

The latest pricing changes reflect the impact of market factors, including demand, raw material costs and macroeconomic conditions. Experts expect the situation on the rolled steel market to remain tense in the coming weeks, and producers will respond promptly to demand dynamics.

As GMK Center reported earlier, prices for hot-rolled coils have increased in most markets since the beginning of 2025. In particular, in North America, supply increased by 3% as of February 10 to $685/t. The market was characterized by unstable dynamics in January, driven by both macroeconomic factors and the trade policy of the new US administration. In February, the situation improved slightly. The market is expected to become more dynamic in the second quarter of 2025.