US plate prices still eroding

Thursday, 30 May 2019 21:26:11 (GMT+3)   |   San Diego
       

Spot market prices within the US domestic plate market have eroded sharply in the past two weeks, from $43.50-$44.50 cwt.  ($959-$981/mt or $870-$890/nt), ex-mill, to an average of $41.00 cwt. ($904/mt or $820/nt), ex-mill, and sources close to SteelOrbis have said they believe that prices could tick down another $1.00 cwt. ($22/mt or $20/nt) before the slide is over.

Current prices are down by approximately $9.00 cwt.  ($198/mt or $180/nt) from their early December 2018 peak of $50.00 cwt. ($1,102/mt or $1,000/nt). Short lead times, which in some cases are as short as three weeks, coupled with buyers’ reluctance to stock inventory during eroding market conditions, are “not helping the market by any stretch of the imagination,” a source said.

The downtrend in plate prices mirrors softness in other flat rolled steel segments, as buyers throughout the US say they’re waiting  until they’re sure the market has bottomed before restocking.

 


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