Little US impact seen from new iron ore pacts

New international agreements that will raise iron-ore prices are expected to have little impact on the prices U.S. consumers pay for products made with steel.

The price of steel has been rising steadily for the past 10 months. Analysts say any increases stemming from the new international contracts shouldn't impact U.S. manufacturers because they get most of their supply domestically.

"We've actually seen steel prices more than double since last May and it's had no impact on inflation because steel's such a small part of the economy," Steel Market Intelligence analyst Michelle Applebaum said.

For example, it might cost an automaker $900 …