Prices for carbon steel plate in the United States held steady, with market participants pointing to the lack of a demand catalyst and a likelihood that mills will need to become more flexible on pricing through the end of the year.
Order flow at mills improved a bit in July after market participants said they perceived a probable bottom in pricing, convincing buyers that new inventory stock would not be devalued. But with demand from major plate end-use markets possibly mired in a slump, buyers feel little urgency to continue restocking. A midwestern distributor said the plate market is taking one more leg lower in August, bucking the belief that pricing would not deteriorate further than July levels. That distributor said the mills will face persistent volume struggles for the rest of the year, with the US oil and gas rig count still setting record lowsand little hope of a major federal infrastructure bill until next year. "It's...