Spot market prices within the US domestic plate market continue to trend soft. Two weeks ago, SteelOrbis reported that prices had fallen 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, with the expectation that prices could tick down another $1.00 cwt. ($22/mt or $20/nt) before the slide was over.
This week, SteelOrbis has learned that current prices are spanning between $40-$41 cwt. ($882-$904/mt or $800-$820/nt), ex-mill, with at least one source close to SteelOrbis indicating that “quiet deals” are taking place slightly below that range.
As with previous weeks, the Achilles heel for the domestic plate market can be tied with “exceptionally short lead times,” along with widespread reluctance for service centers to make bulk buys due to downtrending market conditions.