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US plate prices rise as steel buyers sort out June availability- The 19th China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
4/9/2018 金屬板材展-棒材-線材展 -plate metal expo-wire expo |
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Platts reported that US plate prices increased as scattered June availability is helping mills to continue to push offers higher. The daily Platts TSI US plate assessment increased by USD 11 to USD 948.75 per st on a delivered Midwest basis. Since the start of the year, plate prices are up 30% after starting the year at USD 738 per st on a delivered Midwest basis.
Buyers are in the process of sorting out which mills are offering June production and at what prices, following a nearly two-week lull after May order books closed. One plate producer is still holding off on providing customers with updates on June pricing and availability.
One service center source said that "They are either in a weeklong meeting or in hiding, after trying to make contact with the mill this week to inquire about new pricing.”
The source added that there is some limited June pricing available at $950/st on an ex-works basis from one producer.
A second service center source said his current offers are anywhere between $970-$1,000/st on a delivered basis, "depending on the mill and who you are."
Both service center sources said they are still experiencing strong customer inquiries, leading them to expect there are still plenty of inventory holes both from end users and other service centers.
The second service center source added that "From inquiry levels, service centers seem to have lots of holes still, I think it will take until the end of May for folks to get caught up.”
The two service center sources also plan on reducing their steel intake at the end of June, sensing the market may be nearing the top and attempting to avoid higher-priced steel coming in during the typically slower summer months.
The second service center source said that "We are going to take some steel out of our supply chain by the end of June for sure. We will watch closely, but I estimate 6,000-10,000 less tonnes in my supply chain on June 30 than we have today. That is about the only way we can de-risk our position. I don''t want to be the one without a chair when the music stops.”
There are still "too many variables but I for one would not want high-priced steel coming in June-July," the first service center source said, who expects to turn away some tons in June.
A third service center source added that "I happen to think June will be the top for plate. It could stay at or near the top until August/September buys ... I still think the price could move up for the June buy just based on what is happening with hot-rolled coil in May.”
金屬板材展-線材展-金屬加工展-2018第十九屆廣州國際金屬板材展—全球三大金屬展之一巨浪展覽
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