Cleveland-Cliffs opens January booking for hot-rolled coils at $750/t

The US hot-rolled coil market is characterized by stable price levels from leading producers. Cleveland-Cliffs announced the opening of January booking for hot-rolled coils at $750/t, which is in line with the price level in October-November.

The company explains the decision to keep prices at a fairly high level despite the overall weakness of the hot-rolled coil market by the growing demand for its products, which is observed in the context of revising contractual obligations and overall market dynamics for 2025. At the same time, it is noted that the price remains valid “until further notice,” which may indicate a willingness to adjust it depending on market conditions.

Nucor is another important player that maintains a similar price level. The company has set the HRC benchmark price for the week of December 2 at $750/mt for all production facilities, except for CSI (California Steel Industries), where the benchmark price is $810/mt.

The major US steel companies are trying to maintain stability at a time when the market is under the influence of various negative factors, such as weak demand, sufficient supply and unfavorable macroeconomic conditions.

As GMK Center reported earlier, the global hot-rolled coil market was subject to uncertainty in November. In particular, prices in the US experienced a significant decline despite attempts by leading producers to keep prices at a higher level. The upper limit of prices decreased by 2.8% and the lower limit by 4.2%, reaching $680-700 per short tonne Ex-works.

Despite official offers from key steelmakers of $750/tonne, actual deals were made at a lower level, as buyers were actively bidding. The situation was complicated by sufficient stocks in service centers and low buyer activity, as buyers were in no hurry to place large orders due to expectations of further price declines.