Plate
October 9, 2024
Written by Michael Cowden
Nucor said it would keep plate prices unchanged in a letter to customers on Wednesday.
The Charlotte, N.C.-based steelmaker also said it was opening its November order book for plate.
SMU’s Steel Demand Index rose to 69.5 in mid-September, its highest reading in more than five years.
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.