US domestic plate market activity continues to be quiet and with ongoing pressure from significantly lower import prices, domestic plate spot prices have softened once again, falling another $1.00 cwt. ($22/mt or $20/nt) in the last two weeks to the range of $45.50-$46.50 cwt. ($1,003-$1,025/mt or $910-$930/nt) ex-Midwest mill. While plate mills often follow the movements of the domestic flats market, in which mills have announced price increases in the last couple weeks, there have been no rumblings of such increases for plate just yet. However, sources tell SteelOrbis that plate mills may try for an increase for first quarter orders. Busheling scrap prices fell about $50/lt in November, and early speculations for December aren't exactly pointing to an uptrend; but if scrap prices do rise in January--as they historically have--it may be enough for plate mills to begin pushing for higher prices.
For the time being, domestic plate prices are likely to remain under downward pressure, especially as import offer prices from Russia continue to be extremely attractive. Russian plate prices in the US have declined by $1.00 cwt. since early November and can now be found between $40.00-$41.00 cwt. ($882-$904/mt or $800-$820/nt) DDP loaded truck in US Gulf ports for March delivery. Even if US domestic plate prices soften further, industry insiders note that they're extremely unlikely to fall to the level of current Russian prices, making an import order today still valuable by the time it arrives.