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Cleveland-Cliffs (NYSE:CLF ) said Tuesday it raised spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $50/short ton, effective immediately. Galvanized Steel Roofing Sheet
Cleveland-Cliffs (CLF) also set a new minimum base price for hot rolled steel of $950/ton.
The move follows last week's $50/ton price increases at U.S. Steel (X), Nucor (NUE) and ArcelorMittal (MT), with Nucor setting a minimum of $900/ton for hot-rolled coil and ArcelorMittal establishing an HRC minimum of $950/ton.
According to Argus Media, U.S. market participants have been skeptical about the price hikes, with few believing they will bring customers off the sidelines as demand remains steady at best.
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