US plate prices appear to have strengthened over the past week, and a new sheet increase by Nucor may soon be followed by another plate hike, market sources tell Kallanish.

Kallanish increased its plate prices Monday to $700-720/short ton. A surprise strategic increase by SSAB Americas of $50/st was rapidly adopted by the majority of the domestic industry and backed up by increased lead times and an expected uptick in March scrap prices.

Now, a new outstanding $30/st increase on sheet products by Nucor is expected to be shortly followed by a similar increase on plate, says at least one buy-side source.

“I checked prices at Nucor last week and was quoted $730/st,” he says. “I know you can buy below that but not by much. Lead times are moving out and there are rumours that the mills are filling up May with a lot of armour plate and talk of allocation, which is strictly conjecture at this point.”