US carbon steel plate prices are down to $1,200-1,220/short ton from the prior week when the range was $1,240-1,260/st, Kallanish hears from market participants.

Sources observe that supply is plentiful from domestic and overseas producers.

“If demand does not get better the imports can only hurt pricing," says an East Coast distributor. "Service centre transaction prices have slipped. Everyone has got to be losing money unless lower-priced inventory is on the floor or inbound. The plate market is in turmoil.” 

A different eastern-based market participant says he received a lower price from a mill than last week. That mill has not officially lowered its prices yet publicly. Nucor Plate Group issued a price reduction of $90/st for most plate items a week ago (see Kallanish 29 February). 

“A price reduction is not going to stimulate anything. But unless you match the Nucor gods you won’t get an order,” the second eastern buyer says.

A Midwestern distributor is concerned about the state of the market.

“If prices continue to erode, then lower prices will not help anybody! There seems to be a mini panic as service centres are dumping inventory, counting on more decreases,” that distributor says.

US prices in the equivalent week of 2023 ranged from $1,460-1,490/st.

All prices are ex-works domestic mill.