HRB price eruption slows

SteelBenchmarker™reported that the U.S. HRB spot price for May 12 surged 5.2 percent to $1,154 per ton, FOB the mill, for the thirteenth consecutive rise totaling $577. The Western European HRB price rose 2.1 percent to $1,088 per ton, ex-works, for the seventh consecutive time totaling $353 (on a Euro basis, it rose 2.6 percent). The world export HRB price rose 2.9 percent to $1,024 per ton, FOB the port of export for the eleventh consecutive rise totaling $443. The Chinese HRB ex-works price rose 3.9 percent to $697 per for the third consecutive rise.

The four benchmark prices for HRB for May 12, 2008 are:

• U.S.—$1,154 per metric ton ($1,047 per net ton), FOB the mill—up $57 per ton from $1,097 ($995 net) two weeks ago, up $594 per ton from the recent low of $560 ($508 net) on Aug. 13, 2007, and up $524 per ton from the recent high of $630 ($571 net) on April 9, 2007.
• World Export Price—$1,024 per metric ton, FOB the port of export—up $29 per ton from $995 two weeks ago, up $474 per ton from the recent low of $550 on July 23, 2007, and up $328 per ton from the recent high of $596 on March 26, 2007.
• Western Europe— $1,088 (€701) per metric ton, ex-works—up $22 per ton from $1,066 (€683) two weeks ago (on a Euro basis, it was up €18), up $425 per ton from the recent low of $663 (€479) on July 23, 2007 (on a Euro basis, it was up €222), and up $392 per ton from the recent high of $696 (€522) on June 11, 2007.
• China— $697 per metric ton, ex-works—up $26 per ton from $671 two weeks ago, up $227 per ton from the recent low of $470 on Oct. 22, 2007 (the previous low was $402 on July 9, 2007), and up $210 per ton from the previous high of $487 on Sept. 10, 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.