Cleveland-Cliffs Inc. said Tuesday it is increasing current spot market base prices for steel products in new orders.
The Cleveland, Ohio, steelmaker said prices on its carbon hot-rolled, cold-rolled and coated steel products were raised by a minimum of $50 per net ton.
The price increases were made in response to automotive-steel business pricing and volume increases, which have reduced availability of material sold on a spot basis.
Cleveland-Cliffs is now charging a minimum base price for hot-rolled steel at $800 per net ton.
