HRB price recovery stalls

The bi-monthly SteelBenchmarker™ Western European HRB price for Aug. 24 rose 3.3 percent to $570 (on a Euro basis, it rose 2.1 percent), ex-works, for the fifth consecutive rise. The United States HRB spot price rose 2.4 percent to $566 per metric ton, FOB the mill, for the sixth consecutive increase. The World export HRB price rose 0.7 percent to $546 per ton, FOB the port of export, for the seventh consecutive rise. The Chinese HRB ex-works price plummeted 9.1 percent to $462 per ton after eight consecutive increases.

The four benchmark prices for hot-rolled band for Aug. 24, 2009 are:

• U.S.—$566 per metric ton ($514 per net ton), FOB the mill—up $13 per ton from $553 ($502 net) two weeks ago, and up $137 per ton from recent low of $429 ($390 net) on May 25, 2009. It is down $637 (53.0 percent) per ton from the record peak of $1,203 ($1,091 net) on July 28, 2008 and up $336 per ton from the record low of $230 ($209 net) in December 2001.
• China—$462 per metric ton, ex-works—down $46 per ton from $508 two weeks ago, but up $71 per ton from the recent low of $391 on April 13, 2009. It is down $271 (37 percent) per ton from the record peak of $733 on July 14, 2008 and up $215 per ton from the record low of $247 in January 2002.
• Western Europe—$570 (€397) per metric ton, ex-works—up $18 per ton from $552 (€389) two weeks ago (on a Euro basis, up €8), and up $117 (up €58) per ton from the recent low of $453 (€339) on April 27, 2009. It is down $634 (€359) (52.7 percent) per ton from the record peak of $1,204 (€756) on July 14, 2008 and up $381 (€185) per ton from the record low of $189 (€212) in December 2001.
• World Export Price—$546 per metric ton, FOB the port of export—up $4 per ton versus $542 two weeks ago, and up $152 per ton from the recent low of $394 on May 11, 2009. It is down $567 (50.9 percent) per ton from the record peak of $1,113 on July 28, 2008 and up $371 per ton from the record low of $175 in December 2001.

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.