In late October, Nucor and SSAB announced they would be raising US domestic plate prices by a minimum of $2.00 cwt. ($44/mt or $40/nt), while ArcelorMittal USA indicated they were raising prices to $50.50 cwt. ($1,113/mt or $1,010/nt) ex-Midwest mill. At the time the announcements were rolled out, US domestic plate spot market prices were trending in the range of $48-$49 cwt. ($1,058-$1,080/mt or $960-$980/nt), ex-Midwest mill.
While the increases have not been fully accepted, prices have begun to inch upward. Today, the most commonly heard spot market price transaction price for US domestic plate is trending between $48.50 -$49.50 cwt. ($1,069-$1,091/mt or $970-$990/nt), ex-Midwest mill, reflecting an increase of $0.50 cwt. ($11/mt or $10/nt).
“Market conditions are good,” a source said, noting that in some cases, lead times are as long as 12 weeks, which, combined with strong order placement, could result in the price increase reaching full acceptance in the upcoming weeks.