This Morning in Metals: Cleveland-Cliffs to raise flat-rolled steel prices

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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.

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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.

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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.

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