HRB price surge stalls: U.S. up 0.5%; Western Europe flat; World down 0.3%; China down 1.2%

The bi-monthly SteelBenchmarker™ United States HRB spot price for May 10 was up 0.5 percent to $776 per metric ton, FOB the mill, for the eleventh consecutive increase. The Western European HRB price remained flat at $742 per ton (on a Euro basis, it rose 4.7 percent), ex-works, after five consecutive rises. The World export HRB price slipped 0.3 percent to $716 per ton, FOB the port of export, after eleven consecutive increases. The Chinese HRB ex-works price fell 1.2 percent to $567 per ton after five consecutive increases.

The four benchmark prices for hot-rolled band for May 10, 2010 are:

• U.S.—$776 per metric ton ($704 per net ton), FOB the mill—up $4 per ton from $772 ($700 net) two weeks ago, and up $347 per ton from recent low of $429 ($390 net) on May 25, 2009. It is down $427 (35.5 percent) per ton from the record peak of $1,203 ($1,091 net) on July 28, 2008 and up $546 per ton from the record low of $230 ($209 net) in December 2001.
• China—$567 per metric ton, ex-works—down $7 per ton from $574 two weeks ago, and up $176 per ton from the recent low of $391 on April 13, 2009. It is down $166 (21.7 percent) per ton from the record peak of $733 on July 14, 2008 and up $320 per ton from the record low of $247 in January 2002.
• Western Europe—$742 (€558) per metric ton, ex-works—flat on a dollar basis with $742 (€558) two weeks ago (on a Euro basis, up €26), and up $289 (up €245) per ton from the recent low of $453 €339) on April 27, 2009. It is down $462 €172) (38.4 percent) per ton from the record peak of $1,204 €756) on July 14, 2008 and up $553 €372) per ton from the record low of $189 (€212) in December 2001.
• World Export Price—$716 per metric ton, FOB the port of export—down $2 per ton versus $718 two weeks ago, and up $322 per ton from the recent low of $394 on May 11, 2009. It is down $397 (35.7 percent) per ton from the record peak of $1,113 on July 28, 2008 and up $541 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.