Pittsburgh — Steel plate prices were on the rise following price increase announcements approximately 10 days ago, sources said Monday.
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New prices following the $30-$50/st increases, dependent on product and producer, plate mills looked determined to approach $800/st on a delivered basis.
A mill source said he was seeing "a lot of optimism" after meeting with customers at a recent industry event. New plate prices were being quoted between $760-$800/st on a delivered basis but it was "too early to tell if $800/st is the new number after the most recent increase," the mill added.
New prices were likely between $770-$780/st on a delivered basis, according to one service center source. He was skeptical he could still buy at a $760/st level. However, he had not actively tried to buy any new spot material since the increases.
A second service center source was also skeptical of being able to still buy at $760/st on a delivered basis. He agreed price levels were between $770-$790/st on a delivered basis.
The energy sector was helping to drive some of the growth in the plate market, according to a second mill source.
"We are seeing optimism that has not existed for some time," he added. New prices were between $770-$790/st on a delivered basis, the mill source agreed.
"The plate market has some positive signs and the mills are holding firm to the prices," according to a third service center source. "Time will tell how this all unfolds, but demand will ultimately be the driver."
S&P Global Platts increased its daily A36 plate price assessment to $730-$740/st from $700-$720/st on an ex-works Southeastern US mill basis.
--Michael Fitzgerald, firstname.lastname@example.org
--Edited by Richard Rubin, email@example.com