US domestic plate spot prices are beginning to rise, following a $2.50 cwt. ($55/mt or $50/nt) price increase from Nucor last week, which followed a similar increase from SSAB a few weeks earlier. In the last two weeks, domestic plate spot prices have firmed by a total of about $0.50 cwt. ($11/mt or $10/nt) to $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-Midwest mill. Because demand levels have been decent lately, sources tell SteelOrbis that spot prices will continue to rise throughout January and likely into February as well.
However, anything beyond that is extremely uncertain considering that a substantial number of US buyers placed offshore orders in December that are scheduled to arrive in late February and March. Most of the imports are tied to a specific buyer, but much was also bought on speculation and could undermine US domestic mills' price push. The next couple months will be domestic mills "window of opportunity," according to sources, to raise prices before imports begin to flood the US market.
Current import plate activity in the US is rather quiet, not because prices aren't attractive, but because US buyers bought so heavily in November and December. Offer prices from Turkey and Korea still range from $38.00-$39.00 cwt. ($838-$860/mt or $760-$780/nt) DDP loaded truck in US Gulf ports, while Russian offer prices are between $40.00-$41.00 cwt. ($882-$904/mt or $800-$820/nt) DDP loaded truck in US Gulf ports, all unchanged since late December.