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HRB prices: 'Bottom unfathomable'

In its latest release of hot-rolled band prices, SteelBenchmarker™'s headline read "bottom unfathomable."

The bi-monthly SteelBenchmarker™ Chinese HRB price for March 23 fell 1.0 percent to $413 per ton for the fourth consecutive drop. The U.S. HRB spot price dropped 3.0 percent to $515 per metric ton, FOB the mill, for the 16th consecutive time. The World export HRB PRICE DROPPED 4.9 PERCENT TO $406 per ton, FOB the port of export, for the fifth consecutive time. The Western European HRB price rose 1.5 percent to $486 per ton (on a Euro basis, it dropped 4.3 percent), ex-works, after declining 16 consecutive times.

The four benchmark prices for hot-rolled band for March 23, 2009 are:

  • U.S.—$515 per metric ton ($467 per net ton), FOB the mill—down $16 per ton from $531 ($482 net) two weeks ago and down $688 (57.2 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; down $115 per ton from the previous high of $630 ($571 net) on April 9, 2007 and down $45 per ton from the recent low of $560 ($508 net) on August 13, 2007.
  • China—$413 per metric ton, ex-works—down $4 per ton from $417 two weeks ago and down $320 (43.7 percent) per ton from the peak of $733 on July 14, 2008; down $74 per ton from the previous high of $487 on Sept. 10, 2007, but up $35 per ton from the recent low of $378 on Nov. 10, 2008.
  • Western Europe—$486 (€359) per metric ton, ex-works—up $7 per tonne from $479 (€375) two weeks ago (on a Euro basis, it was down €16), but down $718 (€397) (59.6 percent) per ton from the peak of $1,204 (€756) on July 14, 2008; down $210 (€163) per ton from the previous high of $696 (€522) on June 11, 2007, and down $177 (€120) per ton from the recent low of $663 (€479) on July 23, 2007.
  • World Export Price—$406 per metric ton, FOB the port of export—down $21 per ton versus $427 two weeks ago and down $707 (63.5percent) per ton from the peak of $1,113 on July 28, 2008; down $190 per ton from the previous high of $596 on March 26, 2007 and down $144 per ton from the recent low of $550 on July 23, 2007.

Twice each month, 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.