The US domestic plate market has been static so far in January, as buyers are finding little incentive to make purchases beyond what's needed to fill inventory holes. Many service centers are already holding plenty of inventory and are in no rush to place any order not immediately necessary. Further, sources tell SteelOrbis that many domestic mills also have certain sizes sitting on the ground, which is keeping lead times short and spot prices stagnant, despite mills' best efforts. Demand levels in the last couple weeks have been slow, and down dramatically for the start of the year, according to distributors, but mills haven't been forced to drop prices below the current $36.00-$37.00 ($794-$816/mt or $720-$740/nt) ex-Midwest mill spot price range amid what many have characterized as "decent enough" activity.
One positive development for US domestic plate mills is the lack of any real import competition. As trader case rumors remain prevalent, Korean and Turkish mills have essentially rescinded previous offers, which were about $3.00-$4.00 cwt. ($66-$88/mt or $60-$80/nt) below US domestic spots and too high to attract much interest. Brazil is offering plate to the US right now but at prices around $35.00 cwt. ($772/mt or $700/nt) DDP loaded truck in US Gulf ports there is little incentive to stray from US domestic material.