HRB price direction continues mixed

December 10, 2008

The SteelBenchmarker™U.S. HRB spot price for Dec. 8 dropped 11.8 percent to $614 per metric ton, FOB the mill, for the ninth consecutive decline. The world export HRB price dropped 9.2 percent to $540 per ton, FOB the port of export, for the ninth consecutive decline. The western European HRB price dropped 5.6 percent to $585 per ton, ex-works, for the tenth consecutive drop (on a Euro basis, it dropped 4.8 percent). The Chinese HRB ex-works price rose 7.8 percent to $427 per ton for the second consecutive rise.

The four benchmark prices for HRB for Dec. 8, 2008 are:

  • U.S.—$614 per metric ton ($557 per net ton), FOB the mill—down $82 per ton from $696 ($631 net) two weeks ago and down $589 (49.0 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; down $16 per ton from the previous high of $630 ($571 net) on April 9, 2007, but up $54 per ton from the recent low of $560 ($508 net) on Aug. 13, 2007.
  • World Export Price—$540 per metric ton, FOB the port of export—down $55 per ton from $595 two weeks ago; down $573 (51.5 percent) per ton from the peak of $1,113 on July 28, 2008, and down $56 per ton from the previous high of $596 on March 26, 2007, and down $10 per ton from the recent low of $550 on July 23, 2007.
  • Western Europe—$585 (€452) per metric ton, ex-works—down $35 per ton from $620 (€475) two weeks ago (on a Euro basis, it was down €23); down $619 (€304) (51.4 percent) per ton from the peak of $1,204 (€756) on July 14, 2008, down $111 (€70) per ton from the previous high of $696 (€522) on June 11, 2007, and down $78 (€27) from the recent low of $663 (€479) on July 23, 2007.
  • China—$427 per metric ton, ex-works—up $31 per ton from $396 two weeks ago but down $306 (41.7 percent) per ton from the peak of $733 on July 14, 2008; down $60 per ton from the previous high of $487 on Sept. 10, 2007, and down $43 per ton from the recent low of $470 on Oct. 22, 2007 (the previous low was $402 on July 9, 2007.

Twice each month, SteelBenchmarkerpublishes steel benchmark prices for hot-rolled band, cold-rolled coil, rebar, and standard plate in the U.S., Western Europe, mainland China, and the world export market.



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