Hot-rolled coils prices in 2025 in North America will amount to $600-800/t – survey

Most steel industry executives in North America expect hot rolled coil (HRC) prices to fluctuate between $600 and $800 per short tonne this year. This is according to the results of the annual survey conducted by Headwall Partners, an independent investment banking firm specializing in the metals and mining industry.

This price level was mentioned by 56% of respondents. Last year, the average ex-works coil price was $773 per short tonne.

The majority of respondents also believe that overall demand for steel in North America will increase over the next 3-5 years. At the same time, 76% predict moderate growth, and 11% – significant growth.

According to the survey, 69% of steel and metals respondents are optimistic or very optimistic about their company’s financial performance over the next three years compared to the last three. They see labor availability, inflation, and possible tariffs proposed by the Trump administration as the biggest risks to their business’ financial performance.

In terms of decarbonization, 54% of respondents do not anticipate any investments by their company to reduce carbon emissions over the next five years. However, as Headwall clarifies, this is mainly a group of service centers.

HRC prices in the US have already exceeded these levels. Thus, Nucor announced another increase in the spot price (CSP) for hot rolled coil, the fifth since the beginning of the year. Starting February 24, the company’s base price for hot rolled coil is $860 per short tonne for all production facilities except California Steel Industries (CSI), where the price reached $920 per tonne.

Apart from Nucor, other producers are also revising their prices. For example, Cleveland-Cliffs has opened a contract period for April HRC supplies at $900/t. At the same time, NLMK USA is seeking to fix the price of rolled steel at $900/t for hot-rolled and $1100/t for coated cold-rolled steel.