Cleveland-Cliffs has increased its July hot-rolled coil (HRC) price to $950 per tonne, up from $910/t in June, reflecting a 4.4% rise. The adjustment, communicated in a June letter to customers, signals a shift in market dynamics after earlier price reductions. The company also noted that prices remain subject to change during the July booking period but reaffirmed its commitment to collaboration with supply chain partners.
In contrast, June offers had marked a $65/t decrease from May, following a broader trend across the U.S. steel market. May saw average HRC prices fall 7.1% month-on-month to $885/t ex-works, driven by weaker demand, lower scrap costs, and cooling business activity after the March-April “panic buying” phase.
Major producers responded to consumer pressure by lowering prices. Nucor, for example, reduced its HRC offer by $60–70/t over April and May. However, signs of recovery began to emerge in early June when Nucor raised its prices for the first time in 10 weeks. The upward trend has continued into mid-June, though most analysts expect a gradual price decline through the summer months, despite some improvement in buying interest. Cleveland-Cliffs’ move reflects cautious optimism in a still-volatile market.
