HRB prices bottoming; down 0.5 percent in U.S., up elsewhere

The bi-monthly SteelBenchmarker™ Chinese HRB ex-works price for Aug. 9 rose 2.3 percent to $527 per ton for the second consecutive rise. The Western European HRB price rose 1.8 percent to $690 per ton (on a Euro basis, it rose 1.0 percent), ex-works, for the second consecutive increase. The World export HRB price increased 1.2 percent to $595 per ton, FOB the port of export, for the second consecutive rise. The United States HRB spot price slipped0.5 percent to $634 per metric ton, FOB the mill, for the sixth consecutive decrease.

The four benchmark prices for hot-rolled band for Aug. 9, 2010 are:

• U.S.—$634 per metric ton ($575 per net ton), FOB the mill—down $3 per ton from $637 ($578 net) two weeks ago, and down $142 per ton from the recent high of $776 ($704 net) on May 10, 2010. It is up $205 per ton from the recent low of $429 ($390 net) on May 25, 2009 and down $569 (47.3%) per ton from the record peak of $1,203 ($1,091 net) on July 28, 2008.
• China—$527 per metric ton, ex-works—up $12 per ton from $515 two weeks ago, and down $47 per ton from the recent high of $574 on April 26, 2010. It is up $136 per ton from the recent low of $391 on April 13, 2009 and down $206 (28.1 percent) from the record peak of $733 on July 14, 2008.
• Western Europe—$690 (€5205 per metric ton, ex-works—up $12 per ton from $678 (€520) two weeks ago (on a Euro basis, it was up &eruo;5), down $52 (&eruo;59) per ton from the recent high of $742 (&eruo;584) on May 10, 2010. It is up $237 (€186) from the recent low of $453 (€339) on April 27, 2009 and down $514 (€231) (42.7 percent) per ton from the record peak of $1,204 €756) on July 14, 2008.
• World Export Price—$595 per metric ton, FOB the port of export—up $7 per ton versus $588 two weeks ago, and down $123 per ton from the recent high of $718 on April 26, 2010. It is up $201 per ton from the recent low $394 on May 11, 2009 and down $518 (46.5.2 percent) per ton from the record peak of $1,113 on July 28, 2008.

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.