Cleveland-Cliffs announced a price reduction for its June spot order book of hot-rolled (HR) steel to $910 per short ton, a decrease of $65 from the previous price of $975. This change was effective immediately, as stated in a letter to customers dated May 22nd.
This price cut reflects a broader trend of declining US hot band prices since mid-March. While the rate of decrease has slowed, buyer caution persists due to factors including uncertain demand, tariff concerns, and a potentially weakening scrap market in June.
The current market price range for HR coil is $790-$900 per short ton, with an average of $845. The average lead time for HR sheet has also decreased to 4.6 weeks from 5.11 weeks.
Cleveland-Cliffs opened its June order book for spot material at $910 per short ton (st).
The Cleveland-based steelmaker said the price cut was effective immediately, in a letter to customers dated Thursday, May 22.
It marks a $65/st decrease from the company’s previous list price of $975/st, per SMU’s price increase calendar.
The move comes as US hot band prices have been steadily dropping since mid-March. While decreases have slowed, buyers remain cautious. They’re hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.
SMU’s current HR coil price range is $790-900/st, with an average price of $845/st. That’s flat from our previous assessment. We also calculated the average lead time for HR sheet to be 4.6 weeks, down from 5.11 weeks in late April.
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