Steel plate prices in the United States have continued to hold steady after a round of price increases announced in late May again failed to gain traction on the market.
US plate mills announced hikes of $40-50 per short ton ($2-2.50 per hundredweight) during the week ended May 22, but so far the follow-through has been hampered by pre-increase discounting and severe weakness in important end markets - including oil and gas, rail cars and heavy equipment. The mills are also now competing against service centers that are interested in converting unwanted plate inventory into cash, according to market participants. The mills realize that end-user demand has been poor, but they were hoping that higher scrap prices would provide impetus enough for plate customers to accept the hikes. It hasn't worked out that way yet,...