American Metal Market’s price assessment for cut-to-length plate is at $34.50 hundredweight ($690 per ton), up 1.5% from $34 per cwt previously and up 13.1% from $30.50 per cwt at the start of last year.
Lead times are approximately six to seven weeks, according to market participants and mill lead time schedules.
Market participants reported transactions in a range of about $34 to $35 per cwt. Mill offers for new material are as high as $36 to $36.50 per cwt, they said.
That’s not far off plate’s 2017 peak of $37 per cwt, and those offers don’t yet reflect a $2.50-per-cwt price hike initiated by Nucor on Friday January 5.
“It’s goofy right now with so many price increases. You tell me what the price...