American steel company Nucor has announced an increase in the spot price (CSP) for hot rolled coil (HRC) to $775 per short ton, up $15 from last week. This is the second weekly increase in a row, as earlier the price rose by $10 – to $760/ton. Prior to that, Nucor had maintained a stable level for more than three months.

The price increase comes amid the expected impact of new tariffs imposed by the Trump administration. While duties on steel imports from Mexico and Canada have been temporarily postponed, a 10% tariff on Chinese products is set to take effect in the coming days. Market participants expect these measures to affect pricing and demand in the industry.

Market participants believe that this increase is a test of the market. Nucor is checking how ready the market is to accept the new price levels. Most distributors will be able to pass on the costs to end customers, but OEMs may find themselves in a more difficult situation.

The company has set order fulfillment terms of 3-5 weeks.

Amid these changes, another major steelmaker, Cleveland-Cliffs, reported that its order book for the first quarter of 2025 looks strong, driven by both automotive and non-automotive demand. CEO Lowrenco González supported the Trump administration’s new tariff measures, noting that they will benefit the company’s business. Cleveland-Cliffs is also continuing its merger with Canada’s Stelco Holdings, which should bring additional synergies.

Industry experts predict that further developments in the steel market will depend on the implementation of tariffs and the reaction of end consumers to the new price levels.

As of January 31, hot rolled coil prices in North America (Ex-Works) were around $650 per short tonne. Since the beginning of 2025, offers have decreased by $15 per tonne.