Integrated steelmaker US Steel has increased its flat-rolled steel prices by $40/short ton (st).

It is the first price increase since 21 May. Steel companies regularly announce price increases without revealing their target minimum price. The Argus weekly domestic US HRC index price for the week ending 14 July is $462/st, down by 7.1pc from the last price increase and the lowest level so far in 2020.

The price increase applies to hot-rolled coil (HRC), cold-rolled coil (CRC), and hot-dipped galvanized (HDG) products.

Integrated steelmaker ArcelorMittal last week had an unexpected outage at its Burns Harbor blast furnace D in Indiana. The company estimated it had enough capacity with its Burns Harbor blast furnace C and two other blast furnaces at Indiana Harbor and Cleveland to meet demand.

Some market participants said they wondered if the outage will help cut supply to meet demand, which has remained below expectations. Many are still reporting demand at levels 20pc or more below pre-Covid-19 levels.