Plate
October 25, 2024
Written by David Schollaert
US plate prices are at their lowest level in almost four years and are less than half their all-time high of $1,940 per short ton (st) reached in May 2022.
And mills seem eager to stop the bleeding. Nucor has held its published plate price of $1,075/st flat since slashing it by $125/st back on July 1.
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.
The domestic plate market is showing few signs of relief for steel buyers. Lead times are stretching well beyond seasonal norms, spot availability has all but evaporated, and mills are drawing hard lines on contract volumes heading into 2027 negotiations.
SSAB Americas announced immediate changes to pricing extras on select products, according to a letter sent to customers Friday morning.
The results of the latest SMU flat-rolled market survey are now available on our website to all premium members.