Two weeks ago,
US domestic
plate producer SSAB announced they would be raising prices by $2.00 cwt. ($44/mt or $40/nt), effective immediately, and as expected, other domestic mills were quick to follow. And although the full increase has not been absorbed within the marketplace, prices have firmed by approximately $1.00 cwt., bringing the new, most commonly reported spot price transaction range to $42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) ex-Midwest mill, and mills reportedly have no interest in offering deals below that range. Sources close to SteelOrbis have said the market is “busier than busy”, and that mill lead times are trending out to the end of July.
Meanwhile, import offer prices out of
Turkey and
Russia are still holding in their previously reported ranges of $34.00-$35.00 cwt. ($750-$772/mt or $680-$700/nt) and $33.00-$34.00 cwt. ($728-$750/mt or $660-$680/nt), respectively, both DDP loaded truck in
US Gulf ports. Trader sources have also said that previously booked tons from South African mills will soon be arriving into the Gulf, although new offers that source have seemed to fall silent.