US plate price slides after mills undercut each other

Prices for carbon steel plate in the United States retreated to an almost-four-year low after market participants said evidence has mounted that there simply will not be much demand for plate in 2020.

Producers thought prices had already bottomed this summer, but at least two US mills discounted prices again in August. Demand remains weak in end-use sectors ranging from the oil and gas industry to manufacturers of rail cars and other heavy equipment. 
Fastmarkets' price assessment for steel cut-to-length plate carbon grade, fob mill US dropped to $25 per hundredweight ($500 per short ton) on Friday August 21 from $26 per cwt ($520 per ton) on Friday August 14. The assessment had been unchanged since early July, stuck at what was already its lowest point since autumn 2016.  

Reeling US plate prices continue on a path of convergence with domestic hot-rolled coil prices. In summer 2019, plate was more...

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