Key US plate mills raise prices by $40/st

Houston — Three US plate mills on June 12 independently announced increases of $40 a short ton in their spot pricing without disclosing new target prices, according to letters sent to customers.

ArcelorMittal USA led the moves Friday morning, making its increase effectively immediately, followed by Nucor and SSAB.

Some US plate mills announced $40-$50/st price increases May 19 aiming to eliminate sub-$550/st offers on a delivered Midwest basis and pull delivered prices towards $600/st.

Market sources recently said most mill offers were in the $580-$600/st range following the first round of price hikes, but also noted low spot activity at those higher prices.

The daily Platts TSI US plate index moved slightly higher since late-May, and stood at $569/st delivered Midwest on June 11.

Market sources shared expectations of higher offer levels following the second round of price hikes, but also shared doubts about its impact amid ongoing weak demand conditions.