Three additional US steelmakers raised sheet prices by $40/st over the last day, mirroring an initial increase by ArcelorMittal yesterday.

Nucor's sheet mill group lifted hot-rolled (HRC), cold-rolled and galvanized steel prices and US Steel increased base prices for flat-rolled products by $40/st. Russia-based NLMK's US operations raised prices for all spot orders on all steel products.

ArcelorMittal raised its prices yesterday on flat-rolled products by $40/st, the first increases since July.

The Argus weekly domestic US hot-rolled coil (HRC) index fell to $488/st ex-works on 22 October, a 3.5-year low.

Prices for flat-rolled products in the US have declined by 18.5pc since August and by 34pc since the beginning of the year.

Although producers have marked some of the first price increases in several months, participants remain skeptical whether demand could sustain the gains. Ferrous scrap market participants have also searched for a floor as recyclers see slowing flows and Turkish importers raise prices.