Right before the holidays, SteelOrbis reported that spot market prices for US domestic plate were being heard in the range of $44-$45 cwt. ($970-$992/mt or $880-$900/nt), ex-mill. At the time, it was believed that prices could continue to climb based on two key factors: lessened availability and still-rising raw materials costs. As expected, plate prices have continued to rise.
On Monday, spot market prices had firmed once again, to a range of $46-$47 cwt. ($1,014-$1,036/mt or $920-$940/nt), ex-mill. Also of note is yesterday’s announcement by SSAB that they’d be raising spot market prices by $5.00 cwt. ($110/mt or $100/nt), effective immediately. Nucor also announced, setting a minimum base price of $47 cwt. ($1,036/mt or $940/nt), ex-mill.
Plate prices were about $30 cwt. ($661/mt or $600/nt), ex-mill in October, and prices have been on an upward trend ever since. By November, prices lifted to around $35 cwt. ($772/mt or $700/nt) ex-mill, and this week, sources say some buyers have been quoted as low as $40 cwt. ($882/mt or $800/nt) ex-mill, whereas others are being quoted $45 cwt. ($992/mt or $900/nt) ex-mill and above. Based on yesterday’s announcement, sources say they are inclined to put prices at an approximate range of $45.00-$47.50 cwt. ($992-$1,047/mt or $900-$950/nt) ex-mill, although as of this morning, SteelOrbis believes that $46-$47 cwt. ($1,014-$1,036/mt or $920-$940/nt), ex-mill, is still the most representative range.
Other sources agree that pricing is hard to pinpoint. “Although there’s some differences in opinion as to where the ‘average’ price is, what we can all agree on is that prices are going up almost daily,” one source said. “When things move this fast, trying to get the exact price at any one time is like trying to catch a falling knife. Or, since it is going up, maybe trying to catch a shooting Roman candle. Either way, there’s concern that once the pricing bubble pops, that service centers are going to be suck with a lot of overpriced inventory.”