Steel Plate Prices Trend and Forecast

Steel Plate Prices witnessed mixed sentiments in the North American market during the second quarter of 2022. However, since Russia invaded Ukraine, steel prices have significantly rebounded due to supply concerns and an increase in lead times. Steel prices rose sharply as the war threatened supplies from the two major producing countries. Due to supply chain disruptions, the conflict resulted in a reduction in steel input costs. However, after surging around mid-April, the rally in Steel Plate prices has slowed as prices have begun to fall. Prices have dropped by more than 20% since their peak in April. Furthermore, mills are negotiating lower prices for new orders. Steel prices are under pressure in the short term due to these factors and fears of a recession. Nonetheless, strong demand in critical end-user markets bodes well for the steel industry.

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