Announced price increases have started to impact US domestic plate prices, but lingering uncertainty over price stability continues to plague the market. In the last month, Nucor, SSAB Americas and ArcelorMittal all separately announced price increases totaling $3.00 cwt. ($66/mt or $60/nt). Sources tell SteelOrbis that some mills have been holding the line and quoting the full increase, putting official prices at about $39.00-$40.00 cwt. ($860-$882/mt or $780-$800/nt) ex-Midwest mill, depending on the mill. While the average spot transaction range has not yet reached those levels, the overall trend is pointed decidedly higher. Order activity has picked up in the last couple weeks as inventory levels at some service centers had become increasingly lean.
While smaller buyers have been forced to pay more and more of the announced increase with each new order, larger customers with more leverage have been able to secure plate at lower prices, especially for on-the-ground material. As a result, plate spot prices are still within the general range of $36.00-$37.00 cwt. ($794-$816/mt or $720-$740/nt) ex-Midwest mill range, but the previous deals $1.00 cwt. ($22/mt or $20/nt) lower are now gone, and prices are trending toward the high end of the range, and even above for some new orders. But while spot prices look poised to continue increasing so long as demand remains firm, many are still not entirely confident that mills will be able to push through the full increase in the immediate future. As a result, import activity is light, although Turkish futures offers in the range of $34.00-$35.00 cwt. ($750-$772/mt or $680-$700/nt) DDP loaded truck in US Gulf ports are a serious consideration for buyers situated close enough to US Gulf ports to not have to worry much about added freight costs.