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Taitai6769/iStock via Getty Images Gi Pipe
Cleveland-Cliffs (NYSE:CLF ) said Tuesday it raised spot market base prices for all flat-rolled steel prices by $50/short ton, effective immediately with all new orders, and set a minimum base price for hot rolled coil at $800/ton.
Cleveland-Cliffs (CLF) said it has seen increases in both pricing and volume for its automotive steel business so far this year, reducing the amount of spot steel available and prompting its latest price increase.
The latest increase is the company's third since late November, which have combined to raise its flat prices by $160/ton.
Rival Nucor (NUE) last week released its second price increase since late November, also raising prices by $50/ton.
Roofing Sheet Citing sequentially higher annual fixed price contracts, Morgan Stanley upgraded Cleveland-Cliffs (CLF) to Overweight last week, lifting shares to a five-month high.