Steel Prices
Cliffs to open April spot order book at $900/ton HR
Written by Michael Cowden
February 21, 2025
Cleveland-Cliffs said it will open its April order book for spot material at $900 per short ton (st).
The Cleveland-based steelmaker said the increase was necessary because of “rapidly changing market conditions” in a letter to customers dated Friday, Feb. 21.
The move marks a $100/st increase from the company’s previous list price of $800/st, per SMU’s price increase calendar.
Cliffs said it would first book contract tons for April. The company won’t open its April spot order book until Wednesday, Feb. 26. Customers interested in spot tons should contact their account managers then to “discuss availability,” Cliffs said in the letter.
The price hike came after Cliffs said it had closed its March contract book on Wednesday, Feb. 19. Market participants around that time told SMU that they expected the company to open April at new, higher prices – and probably at $900/st.
The increase also came in a week during which US steelmakers rapidly increased prices. It started with Nucor at $820/st HR on Monday, followed by U.S. Steel at $850/st, and then by NLMK USA at $900/ton.
Some market participants have said that continued gains could push US HR prices above $1,000/st. Others have warned that the domestic market is moving too high, too fast. They think the gains are based not only on impending Section 232 tariffs and restocking related to that but also psychology. And some worry that underlying demand does not support such steep price increases.
Michael Cowden
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