On Monday of this week, Swedish steelmaker SSAB announced a bigger-than-expected jump in Q1 profits due to strong steel demand, adding that SSAB Americas expects that shipments in Q2 are expected to be “somewhat higher” than volumes shipped in Q1.
Second quarter demand is expected to be equally strong, sources note, adding that it’s likely that US domestic prices will continue to climb.
This week, SteelOrbis has learned that spot market prices for US domestic plate have continue to tick upward, with current prices trending in a range of $62-$63 cwt. ($1,367-$1,389/mt or $1,240-$1,260/nt), FOB mill, against a range of $60-$61+ cwt. ($1,323-$1,345+/mt or $1,200-$1,220+/nt), FOB mill, a week ago.
Current prices have more than doubled since late-April 2020, when prices were holding at approximately $30 cwt. ($661/mt or $600/nt), FOB mill.