US domestic plate prices continue their tumble

Friday, 08 May 2015 21:33:15 (GMT+3)   |   San Diego
       

It wasn’t all that long ago that players within the US domestic plate market expressed concern that spot market prices would fall below the $39.00 cwt. mark.  Today, average ex-Midwest mill transaction prices have toppled another $4.00 cwt. ($88/mt or $80/nt) from levels seen a month ago, to $32.00-$33.00 cwt. ($706-$728/mt or $640-$660/nt) ex-Midwest mill.  This latest decline has US domestic, 96” wide A36 carbon steel plate prices down by roughly $9.50 cwt. ($209/mt or $190/nt) since the beginning of the year.  “It’s just ugly out there,” according to one Midwest-based source.  “That’s all there really is to it.  We’re taking a bath on high priced inventory and trying to hold off on restocking until we’re sure this thing has hit bottom.”

In terms of offshore futures prices, previous offers from Malaysia, Brazil and Japan were available at approximately $28.00-$29.00 cwt.  ($617-$639/mt or $560-$580/nt) DDP loaded truck in US Gulf coast ports; although trader sources say that if they brought enough tons to the table “we could easily do $2.00 cwt. better than that.”


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