The US domestic plate market is starting to firm up this week after some mills hiked their base prices. AK Steel announced last week it would increase its flat-rolled spot prices by at least $2.50 cwt. ($55/mt or $50/nt), and sources have confirmed that this week ArcelorMittal followed suit, also increasing its prices by $2.50 cwt..
As a result, Sources tell SteelOrbis that the general spot range for US plate has increased by about $0.50 cwt. ($11/mt or $10/nt) since last week, and is now at about $35.50 -$36.50 cwt. ($782-$804/mt or $710-$730/nt). The price hike is likely an attempt to strengthen the domestic market as mills negotiate their annual contracts, according to sources—however, many in the industry doubt the full increase will be absorbed into the market because buyers can still easily find more attractive import offers.
Import plate offers from Turkey have not changed in the last two weeks, but they are still reportedly soft in the level of $32.50 cwt. ($716/mt or $650/nt) DDP loaded truck in US Gulf port. Turkish orders arriving now are expected to continue to flow into ports for the next couple of weeks, which will present an opportunity for some position buys. As for Taiwanese offers, narrower plate is available for about $34.00 cwt. ($750/mt or $680/nt) DDP loaded truck in US Gulf ports, also steady from last week.