USA HRC Spot Prices $850-$860/ton on Higher Offers, More Order Entry
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Nucor increased its Consumer Spot Price (CSP) for hot-rolled coil by $5 to $890/ton on Monday and for the first time since June, Cleveland-Cliffs published information regarding its market pricing. Elsewhere, both buy-and sell-side participants tell WSD that most HRC spot transactions are taking place early this week in a range of $850-$860/ton for typical size orders.
In a letter to customers Friday and published on its website, Cliffs’ Michael Hrosik, SVP Commercial, wrote that the company had closed its December HRC order book effective immediately. “Our contract customers will be allowed to enter against contractual obligations for December in accordance with the contractual terms,” Hrosik noted.
“The impact of tariffs and resulting shifts to ‘Melted and Poured in USA’ for key markets are driving in the increased order inflows over the past month,” Hrosik explained, adding, “The order flow rates have extended our lead times into January for Hot Rolled product.”
Two other (non-Cliffs) mill reps told WSD that they are also seeing an increase in orders. One said: “And it’s happening across all of our markets.”
Still, no one is ready to say that steel demand is strengthening in major measure. “The Algoma situation is making it a little cloudy whether it’s supply or demand-driven, I think it is probably both,” said one rep. “Also, inventory is finally getting more in line and the imports of both steel and parts is drying up,” he added.
A Midwest service center buyer also acknowledged that “business is good, not great.” But another mill rep had a more optimistic outlook, saying, “If we see a normal first quarter demand bump, we could see a somewhat tighter market through the first half of 2026 — too early to tell though.”
Recent settlements of HRC futures contracts on the CME for January-May were all above $890/ton.
As of Tuesday, Cliffs had not opened its January book but said it would be communicating its January sales plan “in the near future.” Its new 2026 Price Book, however (which shows extras, etc.), is already published.
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