Cleveland-Cliffs Inc.today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $50 per net ton, effective immediately with all new orders.

To begin 2023, Cliffs has seen increases in both pricing and volume for its automotive steel business, reducing material available to be sold on a spot basis. This latest price increase is in response to this dynamic.

Cliffs’ minimum base price for hot rolled steel is now $800 per net ton.

Source:businesswire.com