It wasn’t all that long ago that players within the
US domestic
plate market expressed concern that spot market prices would fall below the $39.00 cwt. mark. Today, average ex-Midwest mill transaction prices have toppled another $4.00 cwt. ($88/mt or $80/nt) from levels seen a month ago, to $32.00-$33.00 cwt. ($706-$728/mt or $640-$660/nt) ex-Midwest mill. This latest decline has
US domestic, 96” wide A36 carbon steel
plate prices down by roughly $9.50 cwt. ($209/mt or $190/nt) since the beginning of the year. “It’s just ugly out there,” according to one Midwest-based source. “That’s all there really is to it. We’re taking a bath on high priced inventory and trying to hold off on restocking until we’re sure this thing has hit bottom.”
In terms of offshore futures prices, previous offers from
Malaysia,
Brazil and
Japan were available at approximately $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) DDP loaded truck in
US Gulf coast ports; although trader sources say that if they brought enough tons to the table “we could easily do $2.00 cwt. better than that.”