Steel Products

Plate market buzzes with rumors of secret deals from mills  

Written by Kristen DiLandro


Carbon steel plate market participants suspect that this week’s modestly softer prices are the result of quietly negotiated prices between plate purchasers and mills.

Gossip and rumors

Sources tell SMU that end-market demand is continuing at a sloth’s pace, creating little need for restocking by service centers. After an initial period of heavy buying, spurred by fears of tariff-related supply issues, service center purchases slowed. But sources believe it’s likely that service centers have now sold through some of that inventory and will be looking to restock soon.  

But participants also stated that amply supplied domestic mills are likely making deals with customers to move existing supply because sales are currently so subdued.  

A distributor on the East Coast said prices are lower than published mill prices.

“We are still fighting for orders and have plenty of supply. For us, we’re currently seeing $1010-1060/st on a delivered basis,” said the source. He added, “I’m hearing there may be some numbers below $1000/st delivered! I’m really hoping it is for project tons and not service center inventory. Word on the street is mills are busy with projects, but service centers only purchase the minimum.” 

Similarly, a service center source in the Mid-Atlantic region said he is hearing rumors that deals are being made to get products moving.  

“It’s been slow, but I am hearing of a large amount of pent-up demand that is not for data center or DC builds. I don’t expect any movement until after the holiday [Labor Day]. If it doesn’t start to get busier, that’s when the back door deals will start. I imagine drops around $2/cwt,” he stated. 

Tariff-informed marketplace

On the role of tariffs and whether they’ve played any role in current prices, sources agree that tariffs have shaped the market mindset this year.  

“Latest import pricing for plate that I have heard is around the $960/st fob port, which doesn’t excite many in the market,” the East Coast distributor stated.  

The service center participant from the Mid-Atlantic region said that tariffs have mainly helped the mills so far.  

“The first 25% on imports helped the mills become consistently profitable so they could compete against imports. The second wave of tariffs cemented the floor. Tariffs did not raise the prices of domestics,” he said. He also noted, “I don’t think that domestic mills are going to increase prices because if they do, then imports become competitive again.” 

Two plate market sources said that one major US plate mill appears to be experiencing plant issues.

“They are operating at 50% capacity and continue to have production problems. The prices have held steady because there are not enough sales,” said a sales manager for a service center in the Midwest.  

The East Coast distributor above commented, “Based on the mill’s orders consistently arriving very late, I can only guess they are experiencing production issues.” 

The Midwestern service center source on operating capacity said his region faces the same market conditions as others.

“The plate market remains weak, with popular mills making deals under $1000/st. Mining, oil, and military projects continue to soldier on, but not much else is. The tariffs remain a key issue; there is too much confusion. Tariffs on Brazilian slabs, for example, are cutting into the profits of US mills that rely on the slabs,” he noted.  

Sources suspect maintenance outages at plate mills in October will help balance some of the products in circulation.  

SMU stats

SMU’s steel market survey put plate prices at ~$1,030/st on Aug. 19, down 2.37% from $1,055/st on Aug. 12. Compare prices with the SMU interactive tool here.

In the equivalent week of 2024, the average price of domestically produced carbon and steel plates was $980/st.

All plate prices are ex-works, domestic mill unless specified. Some prices include extras fees and delivery fees when noted.

Kristen DiLandro

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