Most domestic plate spot transaction prices have remained neutral, with offers still being seen at approximately $40.00 cwt. to $42.00 cwt. ($882/mt to $926/mt or $800/nt to $840/nt), FOB mill. However, deals below this range may still out there, depending on sizes and tonnages being ordered.
As expected, most mills have continued to push for bookings at around $42.00 cwt. to $44.00 cwt. ($926/mt to $970/mt or $840/nt to $880) FOB mill. Yet at the same time, not much has changed on the demand front. However, with the health care bill now off the congress' plate, many are hoping that a renewed focus to infrastructure projects, economic stimulus spending, and job creation will pick up steam. And with mid-term elections fast approaching, this could very well happen as those on Capitol Hill attempt to hold onto their seats. Lower unemployment rates and increased government construction spending would directly contribute toward resurrecting the US plate market. But for now at least, domestic plate demand has remained flat, although another price increase is likely in the cards for May shipments, solely due to scrap's next anticipated uptick.
According to the most recent Metal Service Center Institute (MSCI) data, monthly shipments of plate for US service centers in the month of February totaled approximately 252,000 nt, which reflects a slight increase from the 240,000 nt shipped in January; however, month-end inventory levels also increased from January to February at 700,000 nt and 725,000 nt respectively. In the end estimated months of inventory on hand remained neutral from January to February at 2.9 months. Still, 2.9 month level is a big year-on-year decrease from the 4.1 months of inventory held during the same time period last year.
In terms of imports, traders continue to report not much interest from any foreign sources. Previously reported Ukrainian offers have gone silent, and although there may be some infrequent offers out of other countries, the pricing isn't anything that has traders jumping out of their seats, which is necessary for any serious inquiries considering the ongoing lackluster demand.