Plate market said price hikes come as no surprise 

From the market  

An East Coast-based service center operator explained that when SSAB, Nucor Plate Group, and Oregon Steel Mills issued increases earlier this fall, the market wasn’t ready to absorb much of an increase.  

However, he contends that those increases created a pricing floor, making the latest increase from JSW a likely spark that will ignite mills to issue more hikes. Mills could then enter the new year with stronger pricing.  

“We expect the other mills to follow this week or next. JSW has maintenance in December with limited slab availability. Cliffs says it is sold out for December and January. Nucor and SSAB are still looking for orders to fill December,” he said.  

He added, “Import licenses are low for the first quarter. Plate mills are trying to make a grab for anything additional on the second increase since the first didn’t stick. It helped settle things but didn’t increase prices.” 

An Ohio Valley service center market participant explained that he is still experiencing base spot prices at roughly $50 per hundredweight [$1,000/st] this week.

The source equivocated. On one hand, he anticipates new prices will stick, but appeared conflicted because supply remains ample with expedient deliveries.  

“Utilization is up for all mills thanks to tariffs. Mill delivery is stupid, though. They say its coming months out and it’s here in two weeks. Supply is good and stock is good right now. I think they’re being cautious to keep prices up but not too high and lead times low because they don’t want imports coming back,” he said.  

A different Midwestern service center associate agrees with the Ohio Valley source. He is optimistic that new prices will stick because he sees positive indications that Q1’26 projects will increase demand.  

However, he noted an unconfirmed rumor that plate will arrive from South Korea in Q1. SMU has not confirmed whether the rumor is true, nor have we confirmed the name of any producer.  

“Prices are stagnant right now. Lead times are still short, eventually, service centers will have to make some purchases. South Korean plate is arriving in January below domestic prices. I can’t confirm it, but I hear it’s going to be around $45/cwt,” he said.  

He said that his customers keep him informed of what they’re seeing in their day-to-day operations.  

“I see lots of projects coming up from oil and gas industries, data centers, steel equipment, and mining equipment. I’ve not seen any contracts, but my customers tell me what they see and hear,” he said.  

Conditions on the ground 

The same Midwestern service center associate is discontent with business this week. He is eager to get through the rest of the year and into more certainty in Q1.  

“Business is weak right now, but that’s projected to change. There is so much uncertainty right now,” he said.  

From the East Coast, the same service center market participant said his week wasn’t a banner week, but he shares the optimism of the Midwest participant in that he believes Q1 projects are on the horizon.  

“Day-to-day spot business has fallen off. Contracts are still pretty good. At the moment, we expect demand to get better by the end of the first quarter or early in the second quarter of 2026. Hopefully, sooner but somewhere in that timeframe,” he said.  

He also expects mills will continue to crank up base prices.  

“Plate mills will raise prices through 2026. The balance of 2025 looks to be quite challenging for everyone. SMU prices are there, but don’t be surprised if you hear some year-end deals at lower prices,” he said.  

Pricing 

SMU’s weekly spot price assessment found the average domestically produced base price for plate was $1,010/st. The price reflects a 10-week high, and a $10/st increase from last week’s average.  

In the equivalent week of 2024, domestically produced spot market plate prices were $895/st. Use SMU’s interactive pricing tool to find and compare price ranges and historic data.