ArcelorMittal, EVRAZ, SSAB Raise Plate Price by $40

Steel Market Update data shows the current average price of steel plate at around $770 per ton, down from more than $1,000 per ton at the beginning of the year. Thus, the increase comes as little surprise to a market that is watching anxiously to see if steelmakers succeed in reversing the year-long slide in steel prices. Domestic mills have raised flat-rolled coil prices three times since late June by a total of $120 per ton.

At least one service center executive expects the new plate price to stick. “I fully expect the $40 per ton ($2.00/cwt) to be collected on plate,” he told SMU. “Much like HRC, the price dipped too low and now in Q3 the market is changing and plate prices will begin to rise.” He cited several supporting reasons: the price of scrap is expected to tick up in August; service center inventories are lower than reported and holes are appearing across the board; demand for plate is good and getting better; and planned outages at the mills in Q3 will tighten supply. “With capacity removed during these outages, we’ve seen the bottom on plate and now expect prices to gradually increase over the coming weeks,” he said.

Steel plate prices have not seen an increase from the mills since October 2018, except for one $40 announcement by SSAB on March 7 of this year.