Last week, SteelOrbis reported that US domestic plate prices had softened to an average of $40-$41 cwt. ($882-$904/mt or $800-$820/nt), ex-mill, and one source close to SteelOrbis indicated that “quiet deals” were taking place slightly below that range.
According to more sources, those deals have since become frequent enough to place additional downward pressure on the market. Today’s average price is hovering at $39 cwt. ($860/mt or $780/nt), ex-mill, although one source confirmed that mills are offering deals to anyone who wants to lock down tonnage.
Lead times are still short, at approximately three weeks, although one buyer indicated that two-week lead times weren’t out of the question for the right sized order. As in previous weeks, supply that’s outpacing demand is been cited as the primary weak spot in the US domestic plate market.