In the last couple weeks, US domestic plate spot prices have eroded slightly, despite $2.00 cwt. ($44/mt or $40/nt) price increases from mills about a month ago. According to SteelOrbis sources, the announced increases were essentially preemptive strikes against any price softening on the heels lower scrap prices and the recent plate import surge. While the announcements did place a bottom under the domestic spot price range of $46.50-$48.50 cwt. ($1,025-$1,069/mt or $930-$970/nt) ex-Midwest mill, activity on the high end is dissipating, and major tons are no longer needed to garner deals at the $46.50 cwt. level. Nonetheless, demand for plate is still steady, and no major drops are anticipated through at least the end of the month.
In addition to high volumes of arriving imports--US Department of Commerce license data indicate 115,921 mt of coiled plate arrived in April so far, in addition to 47,105 mt of cut-length plate--current futures offers have also prevented US mills from attaining their announced increases. Both Korean and Turkish plate offers to the US are still between $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) DDP loaded truck in US Gulf ports, unchanged in the last two weeks, although SteelOrbis has heard of a few sub-$41.00 cwt. Turkish offers in the market. Meanwhile, Brazil is offering plate to the US in the range of $44.00 cwt. ($970/mt or $880/nt) DDP loaded truck in US Gulf Coast ports.