Fastmarkets AMM’s price assessment for cut-to-length plate has been unchanged at $46 per hundredweight ($920 per short ton) since March 22, or roughly three-and-a-half weeks.
The domestic plate price has not held steady for that long since November-December 2018, when Fastmarkets’ assessment held at $49.50 per cwt for about seven weeks.
But while the price has already fallen by 7.1% since standing at $49.50 per cwt in late December 2018, market participants were concerned that an inventory glut that contributed to that tumble might still be haunting the market.
“The market is still oversupplied,” one East Coast distributor said. “Service centers bought a lot of material six to eight months ago, expecting...