Earlier this week, Nucor and SSAB both announced they would be raising plate prices by a minimum of $2.00 cwt. ($44/mt or $40/nt), effective with orders that are acknowledeged for shipment during the last week of 2018.
SSAB said the increase would take hold for orders shipped after Sunday, Dec. 30, while the Nucor increase will go into effect for orders shipped after Tuesday, Jan 1.
Spot market prices in the immediate sense, however, are still trending at $48-$49 cwt. ($1,058-$1,080/mt or $960-$980/nt), ex-Midwest mill; West coast plate has also remained lateral, at $49.00 cwt. ($1,080/mt or $980/nt), ex-mill, although rumors of deals slightly below this range are prevalent in the marketplace.
Sources continue to report that plate is still the tightest product out of the entire US domestic flat rolled steel segment, which is largely tied to robust order activity in end-use segments. The question as to whether the price increase will stick is expected to be answered in the upcoming weeks.