Steel plate prices in the United States fell after the public-health fight against Covid-19 inflicted more financial and economic turmoil, convincing buyers to assume a more cautious stance on inventory.
Fastmarkets' assessment for steel cut-to-length plate carbon grade, fob mill US fell to $30.50 per hundredweight ($610 per short ton) on Friday March 13, down from $31 per cwt ($620 per ton) on March 6. With financial markets reeling, the supply chain began discussing contingencies and adjustments to their previous assumptions for 2020. Still, market participants observed minimal immediate disruptions to plate sales and consumption last week, and no one reported order cancellations from customers who need to preserve cash. Prices came down, however, due...