Plate prices feel pinch of oversupplied market

Feb 15, 2013 | 02:02 PM | Catherine Ngai

Tags  plate prices, steel prices, Midwest, sheet, Catherine Ngai

NEW YORK — The domestic steel plate market continues to face downward pressure as buyers remain wary of quiet end markets, sources have told AMM.

“It’s been kind of quiet. Nothing has changed on the plate side. We’re all waiting for something to explode, for something to get going,” said one Midwest buyer. “A jumpstart to this economy, big contracts to be awarded, something major to happen—but it’s just not happening.”
Market participants said discrete plate prices slid slightly to $35.50 per hundredweight ($710 per ton) f.o.b. Midwest mill this past week, down from the prior week’s prices of $36 per cwt ($720 per ton) from mills said to be carrying plentiful supply. Plate in the South and Northeast is said to be priced lower at $35 per cwt ($700 per ton), sources said. ....

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