NEW YORK — Severstal North America Inc. has increased its minimum base price for all flat-rolled steel products effective immediately, sources familiar with the mill confirmed.

The Dearborn, Mich.-based steelmaker’s new minimum hot-rolled coil price is $32.50 per hundredweight ($650 per ton), while its new cold-rolled and galvanized sheet prices are $38 per cwt ($760 per ton).

The new base prices, announced Feb. 28, come after competitor mills announced $50-a-ton hikes earlier this week (amm.com, Feb. 27).