Market Data
November 20, 2025
Plate sources say Q1 demand spike is imminent
Written by Kristen DiLandro
Domestic plate market participants anticipate strong economic growth in the first quarter of 2026, which they say is the perfect reason for spot market price hikes now.
This week, SMU found domestic spot market plate prices ranged from $970-1,060 per short ton. The average price was assessed at $1,015/st. The current prices reflect a $5/st increase from the previous week. Market sources have reported consecutive price rises each week since Oct. 28, 2025.
Earlier this fall, several domestic producers issued price increase notices for plate. Initially, it appeared market anxiety would deter participants from purchasing.
Some said it was fear tariffs would come off or that they would be lowered if President Trump negotiated a deal. Others said they were reluctant to stock without a purchase order in hand because demand remained muted.
This week, sources say they feel the price increases will be helpful as this year rolls into 2026. While demand continues to remain flat, and reflects fewer business days due to the holiday season, sources believe elevated prices position the market for a stronger Q1’26.
A service center source in the Northeast believes producers are aware of stunted demand. However, he says, mills would rather create upward pressure for transactions ahead of a first-quarter rush. He foresees bullish conditions in January.
“Business will pick up and prices are going to continue to make gains in January. With rail, military, data centers, and oil gaining more steam, they will have to,” he said.
One steel service center associate in the Midwest is excited by the prospect of stronger demand in the new year. He also suspects producers will continue to increase prices as more projects begin after the holiday season.
“Everyone is pushing prices up, and most are getting what they ask. It’s steady for this time of year. We’ll see more demand in January,” he said.
A different distributor in Ohio Valley is eager for the US government to start permitting projects now that it has reopened.
“If it weren’t for all the data centers being built, it would really be slow. The government can now get back to work. The mills are probably keeping the increases to keep prices from falling. If demand goes up, then that’s good for all of us,” said the distributor.
In the equivalent week of 2024, the average price of plate was $870/st. Find historic pricing data using the SMU Interactive Pricing Tool.
All prices are ex-works domestic mill, unless otherwise noted.
