The US domestic plate market has seen an uptick this week following a round of price hikes by some mills. Nucor Plate Group announced an increase of at least $2.00 cwt. ($44/mt or $40/nt) on all new orders for carbon, alloy and heat-treated plate earlier this month, and SSAB Americas and ArcelorMittal followed suit with a more modest increase of $1.00 cwt. ($22/mt or $20/nt).
Sources say that the market has absorbed some but not all of those increases, thanks to plenty of supply and attractive import offers. The general spot range for US plate has inched up about $0.50 cwt. ($11/mt or $10/nt) in the last two weeks, settling in the general range of about $37.00-$38.00 cwt. ($815-$838/mt or $740-$760/nt).
The domestic price uptick is driving more buyers to shop overseas, and sources predict that trend will gain steam into the new year. Soft Turkish offers continue to attract buyers, holding steady in the general range of $32.50-$33.50 cwt. ($716-$738/mt or $650-$670/nt) DDP loaded truck in US Gulf ports. Taiwanese offers are also stable this week, with narrower plate available for about $33.00-$34.00 cwt. ($727-$750/mt or $660-$680/nt) DDP loaded truck in US Gulf ports--though sources say that those prices could increase by next quarter if demand levels get much higher.