This morning in metals news, Cleveland-Cliffs announced plans to increase its flat-rolled steel prices, China’s copper inventories have declined and the iron ore price moved up near $100 per ton Thursday.
Cleveland-Cliffs to raise flat-rolled steel prices
Cleveland-Cliffs, which this year acquired steelmaker AK Steel, plans to raise its prices for flat-rolled steel by at least 4%, the company announced Thursday, MarketWatch reported.
China’s copper inventories fall
China’s copper inventories this week fell by the largest amount in eight months, according to a Reuters report.
According to the report, copper inventories in SHFE warehouses fell 15.8% for the week ending May 22 compared with the previous week.
Iron ore prices approach $100/ton
Prices of iron ore approached $100 per ton Thursday, the Financial Times reported.
The ascent comes as China’s General Administration of Customs announced there would no longer be mandatory quality assessments for imported iron ore as of June 1, the Financial Times reported.