Sources within the US domestic plate market have indicated that pricing, which was heard at approximately $34 cwt. ($750/mt or $680/nt) ex-mill last week, has since revised downward. Current prices are being heard in the range of $31.50-$33.00 cwt. ($694-$728/mt or $630-$660/nt) ex-mill.
“The market is in a downward spiral,” a source noted, adding that the US manufacturing index, which is at its lowest point in a decade, is contributing to a soft market. “Service centers aren’t buying [from the mills] because they’re trying to deplete their inventory, and at this point, there’s no recovery in sight. At best we think recovery won’t come until the end of Q1 2020.”
Another source agreed, adding that he believes that prices “will soften further and ultimately hover around $30.00 cwt. ($661/mt or $600/nt) ex-mill toward the end of the year.”
Sources on the West coast have indicated that domestic prices are in line with import prices in the region. US import plate from Malaysia is reportedly being brought in for stock sold at approximately $31.00 cwt. ($683/mt or $620/nt) DDP loaded truck at US West coast ports.