US steelmakers Nucor and ArcelorMittal USA have announced sheet price increases of $40/st, the second increase in as many weeks.

The price push comes as the Argus hot-rolled coil (HRC) assessment slipped $2/st this week to $539.50/st.

Mills announced a $40/st increase to sheet pricing on 25 and 26 June. The steelmakers have been trying to stop a price slide that saw HRC pricing fall $218.25/st drop since the beginning of the year to a low of $521.75/st for the week ending 25 June. HRC pricing peaked above $900/st in mid-2018.

Many in the industry have pointed to oversupply and steady demand for the drop in pricing. Pittsburgh-based integrated steelmaker US Steel idled two blast furnaces recently, removing 200,000-225,000 st/month of steelmaking capacity starting this month.