HRB prices continue to drop

The bi-monthly SteelBenchmarkerU.S. HRB price for April 13 plummeted 8.0 percent to $474 per metric ton, FOB the mill, for the 17th consecutive drop. The Chinese HRB ex-works price dropped 5.3 percent to $391 per ton for the fifth consecutive decline. The World export HRB price fell 1.5 percent to $400 per ton, FOB the port of export, for the sixth consecutive decrease. The Western European HRB price fell 0.8 percent to $482 per ton on a Euro basis, it rose 0.3 percent), ex-works, after rising last time.

The four benchmark prices for hot-rolled band for April 13, 2009 are:

• U.S.—$474 per metric ton ($430 per net ton), FOB the mill—down $41 per ton from $515 ($467 net) three weeks ago and down $729 (60.6 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; down $156 per ton from the previous high of $630 ($571 net) on April 9, 2007 and down $86 per ton from the recent low of $560 ($508 net) on August 13, 2007.
• China—$391 per metric ton, ex-works—down $22 per ton from $413 three weeks ago and down $342 (46.7 percent) per ton from the peak of $733 on July 14, 2008; down $96 per ton from the previous high of $487 on Sept. 10, 2007, but up $13 per ton from the recent low of $378 on Nov. 10, 2008.
• Western Europe—$482 (€360) per metric ton, ex-works—down $4 per ton from $486 (€359) three weeks ago (on a Euro basis, it was up €1), and down $722 (€396) (60.0 percent) per ton from the peak of $1,204 (€756) on July 14, 2008; down $214 (€162) per ton from the previous high of $696 (€522) on June 11, 2007, and down $181 (€119) per ton from the recent low of $663 (€479) on July 23, 2007.
• World Export Price—$400 per metric ton, FOB the port of export—down $6 per ton versus $406 three weeks ago and down $713 (64.1 percent) per ton from the peak of $1,113 on July 28, 2008; down $196 per ton from the previous high of $596 on March 26, 2007 and down $150 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.