The most commonly heard spot market prices for US domestic plate may be stable, at $48.50 -$49.50 cwt. ($1,069-$1,091/mt or $970-$990/nt), ex-Midwest mill, although sources close to SteelOrbis have confirmed that lead-times are starting to shorten.
Overall demand is still robust, sources note, and is far steadier than demand within other flat rolled steel products. As such, it was not surprising that Nucor announced plans to start construction of a new, state-of-the-art plate mill at a still-to-be-determined location in the Midwest.
Sources say they believe that plate will continue to fare better than the rest of the flat rolled steel market, especially if Donald Trump is successful in getting Congressional approval to build a miles-long steel barrier along the Southern border.
Should steel plate be used, it’s estimated that 800,000 tons would be needed for the barrier itself, with another 400,000 tons being needed to provide the base structure. Another source pointed out that this would translate to 34,000- 51,000 truckloads.
It’s also believed that construction of a steel plate wall would increase domestic demand significantly, which some have speculated would lead to a $5.00-$10.00 cwt. ($110-$220/mt or $100-$200/nt) increase in spot market prices.