Canada
April 9, 2026
Plate market fears tightening supplies, escalating freight costs
Written by Kristen DiLandro
Plate market participants we spoke to this week offered a long list of concerns: escalating fuel and freight expenses, consolidated sources of end-market demand, tariff-related complications, as well as long lead times and delivery delays from US mills.
The cherry on top? An ever-shrinking availability of spot tons from domestic mills. Sources said, however, that contract volumes have remained accessible.
Another big development: Nucor, SSAB, and Algoma Steel all increased spot prices for plate products this week.
A Midwest distributor said it’s been “a weird market” lately.
“Plate mill output is confusing, and pair that with late deliveries creating holes in inventory. For current prices, you’re in there. But for June, we expect to see at least $1,200-1,300/short ton (st),” he said.
SMU’s weekly assessment found spot plate prices between $1,130-1,230/st. The average price was $1,180/st, up $25/st from a week earlier.
“It’s getting really scary seeing as the day-to-day demand is unpredictable,” the Midwest distributor said. “Mills will probably try again to raise in July. I think that’s a mistake, but they will always try. Today, the market doesn’t know up from down. And (fuel) surcharges are making everyone more nervous.”
A Midwest service center source said he was less concerned about price increases than about supply constraints, increasing freight costs, and demand that is increasingly tilted toward just a few markets – chief among them, data centers.
“Freight rates are killing me. Prices are moving up but not because of demand. Buying is sporadic. Structural fabricators in the data center market are booming. But how long can that last?” he asked.
