US domestic plate mills today announced a sweeping round of price increases, as ArcelorMittal USA, SSAB Americas and Nucor have indicated they'll be raising spot market prices by $2.00 cwt. ($44/mt or $40/nt), effective with all new orders.
This is the second, $2.00 cwt ($44/mt or $40/nt) price increase that has been announced in less than a month. Yet despite mills' attempt to get prices higher, prices have remained virtually unchanged since the first increase was announced.
On May 21, two days after the first increase, SteelOrbis reported that plate prices were hovering at approximately $28 cwt. ($617/mt or $560/nt), ex-mill.
Today, prices are trending at $28-$29 cwt. ($617-$639/mt or $560-$580/nt), although deals below this range have been reported based on tonnage. Demand, sources note, “is lackluster at best.”