HRB spot prices up in U.S., Western Europe, down elsewhere

March 2, 2011

The bi-monthly SteelBenchmarker™ United States HRB spot price for February 28 surged 3.9 percent to $932 per metric ton, FOB the mill, for the seventh consecutive increase. The Western European HRB price rose 1.6 percent to $815 per ton (on a Euro basis, it slipped 0.5 percent), ex-works, for the sixth consecutive increase. The World export HRB price slipped 0.1 percent to $772 per ton, FOB the port of export, after six consecutive increases. The Chinese HRB ex-works price fell 2.5 percent to $614 per ton after five consecutive increases.

The four benchmark prices for HRB for Feb. 28, 2011 are:

• U.S.—$932 per metric ton ($845 per net ton), FOB the mill—up $35 per ton from $897 ($813 net) two weeks ago and up $331 per ton from the recent low of $601 ($545 net) on Nov. 8, 2010. It is up $156 per ton from the previous high of $776 ($704 net) on May 10, 2010 and down $271 (22.5 percent) per ton from the record peak of $1,203 ($1,091 net) on July 28, 2008.
• China—$614 per metric ton, ex-works—down $16 per ton from $630 two weeks ago but up $132 per ton from the recent low of $482 on July 12, 2010. It is up $40 per ton from the previous high of $574 on April 26, 2010, but down $119 (16.2 percent) from the record peak of $733 on July 14, 2008.
• Western Europe—$815 (€590 per metric ton, ex-works—up $13 per ton from $802 (€593) two weeks ago (on a Euro basis, it was down €3) and up $147 (€96) per ton from the recent low of $668 (€494) on Nov. 22, 2010. It is up $73 (€6) from the previous high of $742 (€584) on May 10, 2010 and down $389 (€166) (32.3 percent) per ton from the record peak of $1,204 €756) on July 14, 2008.
• World Export Price—$772 per metric ton, FOB the port of export—down $1 per ton from $773 two weeks ago and up $188 per ton from the recent low of $584 on July 12, 2010. It is up $54 per ton from the previous high of $718 on April 26, 2010, but down $341 (30.6 percent) per ton from the record peak of $1,113 on July 28, 2008.

SteelBenchmarker™ publishes steel benchmark prices for hot-rolled band, cold-rolled coil, rebar and standard plate in the following regions: the U.S., Western Europe, and the world export market. Additionally, there are benchmark prices for steel scrap in the U.S.