Steel Prices

Cliffs to open April spot order book at $900/ton HR

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

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.