Plate Market Report: Lack of Buying Expected to Erode Prices

US plate prices have been unchanged for nearly three weeks. But that doesn’t mean they aren’t under pressure. Buyers remain mostly on the sidelines of the spot market and are working through inventories as demand slows to a crawl.

The market has been quiet since Nucor announced a $120-per-ton ($6-per-cwt) price cut on discrete plate on Sept. 19. That didn’t change when the Charlotte, N.C.-based steelmaker said it aimed to hold plate prices steady with the opening of its November order book.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.