The most commonly reported spot price transaction range within the
US domestic
plate market may be unchanged since our last report a week ago, still at approximately $41.50-$42.50 cwt. ($915-$937/mt or $930-$950/nt) ex-Midwest mill, but sources close to SteelOrbis say that deal making on the “right sized order” has started to run rampant.
Sources close to SteelOrbis have confirmed that at least one
US mill offered a “significant discount” below the most commonly reported spot price transaction range, on a larger-sized order, to the extent that the buyer thought the offer was a typo. But the tons were in fact booked and the discounted price range sustained; at this point, it’s just a matter of time before the official transaction range starts to tick downward.
“The entire
US steel market seems to be resetting itself,” according to one Southern-based source. Prices across product segments are on a downtrend, inventories are stocked and few, (if any) are in a position where they need to buy anything in the immediate future. “At this point we’re all just waiting for the bottom, but it’s anyone’s guess as to when that will happen and where the final number will land.”
Offshore prices have also remained steady in the past two weeks, with Turkish mills still at $37.00-$38.00 cwt. ($816-$838/mt or $740-$760/nt) DDP loaded truck
US Gulf coast ports, although trader sources say that order activity and inquiries have started to taper. SteelOrbis has also learned that South African mills have started to quote prices for May arrival, and that offer range is “well below what Turkish mills are asking.”