Thin demand keeps plate prices hovering at lowest levels since February 

Sources say demand for steel remains thin, with plate products no exception.

This week’s market

A West Coast service center associate said plate sales remained flat week-on-week, with slower sales than the slightly more dynamic market just a few weeks earlier. 

“The plate market isn’t gaining momentum, but I don’t see it losing any either,” he commented.  

He noted the market is somewhat ambivalent about pricing. Instead, the lack of activity, due to consumer trepidation regarding market uncertainty, has suppressed demand.  

“Interest rates and tariffs keep the market cautious,” said the West Coast associate.  

One source at a large service center in the Ohio Valley said his confidence in a post-Labor Day market rebound has fizzled.  

“The plate business remains slow. I don’t see much changing in Q4’25. Buyers are absolutely apprehensive; customers are buying only as they need, no more. Transaction prices seem to be leveling off, which is good,” he said.    

A representative from a mid-sized service center on the East Coast said the market is not accepting SSAB’s price hike for November orders. This week’s sales were stable, and he believes Nucor’s prices are more attractive.  

“No one is supporting the SSAB prices. I expect Nucor to leave its prices the same for the next month, or lower the three product prices they raised. Demand is OK, but no one is OK with prices increasing in the market now,” he explained.  

The same source noted that plate lead times are only about three weeks, “less than last week by a little bit.”

A distributor in the Midwest said he hasn’t seen any demand increases this week. He added that mill price hikes have unsettled the overall market.

“It’s very slow. No movement on price increases, at this point. The stock market is overvalued, and the economy is not that good. There’s not a whole lot of confidence in the overall market right now. Mainly, it’s a fear that no one will be able to move any excess inventory,” he remarked.  

Speculation about mill moves

Sources volunteered thoughts about the pricing increases coming from plate mills.

The West Coast source said he expects domestic mills to end all spot market published pricing very soon. Cleveland-Cliffs has already pivoted away from the practice. He assumes that’s because it is not useful for the spot market. 

“I wouldn’t be surprised if you saw the published pricing of products disappear,” he commented. “That would do away with the below published price transactions and let some of the mills maybe be better marketers and salespeople rather than always being a set amount below Nucor.”

The Ohio Valley source from the same service center said, “I would not be surprised to see another increase. The latest increase was to cement a floor. Probably with the hope to gain some additional monies. We’ll see if any mill negotiates year-end purchases as their orders are slow and lead times still short. Maybe they will cut deals to fill the mill for year-end and then stick to the price increase come Jan 1. Time will tell.” 

The plate market one year ago

In the equivalent week of 2024, plate prices averaged $915/st.  

In October last year, market analysis and commentary focused on the precipitous drop in plate prices. Uncertainty about how the steel market would fare after the presidential election also overwhelmed the market.    

The comments from sources in a similar market report last year are eerily similar to the remarks we’ve heard this week.  

For example, an OEM source told SMU that one mill’s attempt to hike prices confounded him: “I would have no idea why they would be attempting this increase now.” 

Another source lamented the stifling impact of uncertain pricing on getting projects underway. 

“I don’t see us having any success with customers running it back and letting them know prices are going up. It’s hard right now to get projects started and off the ground,” he said. 

The causes of market conditions may have changed, but 2025’s plate market closely resembles the conditions of 2024.  

All prices in this story are domestic mill, base price, ex-works, unless otherwise specified.