Steel Mills
Cliffs closes its 2024 HR spot book
Written by David Schollaert
November 12, 2024
Cleveland-Cliffs announced the closing of its December order book for hot-rolled coil spot purchases, though it said contract bookings remain available.
The Cleveland-based steelmaker said in a letter to customers on Friday, Nov. 8, it would be “closing solicitations for spot December hot rolled, effective immediately.”
The letter adds that customers will be allowed to enter contract orders through the “contract booking window.”
Cliffs didn’t specify when its hot band January order book would open but said it would “at a later date.”
“Customers should contact their account manager for further information and guidance on contractual bookings for December,” the steelmaker said in the letter.
The news was seen more as a formality in the market, as some sources told SMU that there are only about four operating weeks remaining in the year, with lead times now into 2025 due to year-end holidays.
Average production lead times for HR steel remain in the mid-four-week range.
Cliffs’ published HR base price is $750 per short ton, in line with competitor Nucor, who raised its spot price by $10/st to $750/st on Tuesday, Nov. 12.
Nucor posts its HR base price weekly, while Cliffs posts its market price monthly.
You can stay up-to-date on price announcements from North American mills with SMU’s price increase calendar.
David Schollaert
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