Plate prices in the United States rose for a second consecutive week on long lead times for spot orders and tight supplies resulting from Section 232 tariffs on imported steel.
American Metal Market's price assessment for cut-to-length plate stands at $48 per hundredweight ($960 per ton), up 1.1% from $47.50 per cwt previously and up 3.2% from $46.50 per cwt a month ago.Plate prices are also up 41.2% from $34 per cwt at the beginning of the year and rest at their highest point since weighing in at $49 per cwt in mid-October 2011 - nearly seven years ago.Lead times for spot material are between eight and 12 weeks, in other words well into September at most mills, sources said."All the mills are toying with the idea of increases, but they don't announce them anymore. You call with an inquiry and they give you a price, and more than likely that price is up," one West Coast distributor said.Imports down, but...Lead times are stretching out and prices moving up in large part because import supplies have plunged as a result...