HRB prices down to 2005 levels

The bi-monthly SteelBenchmarker™Chinese HRB ex-works price for Feb. 23rd plummeted 8.6 percent to $436 per ton for the second consecutive decline. The World export HRB price dropped 5.1 percent to $444 per ton, FOB the port of export, for the third consecutive drop. The Western European HRB price dropped 3.2 percent to $511 per ton (on a Euro basis, it fell 1.5%), ex-works, for the 15th consecutive time. The U.S. HRB spot price slipped 0.7 percent to $550 per metric ton, FOB the mill, for the 14th consecutive decline.

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

• U.S.—$550 per metric ton ($499 per net ton), FOB the mill—down $4 per ton from $554 ($503 net) two weeks ago and down $653 (54.3 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; down $80 per ton from the previous high of $630 ($571 net) on April 9, 2007 and down $10 per ton from the recent low of $560 ($508 net) on August 13, 2007.
• China—$436 per metric ton, ex-works—down $41 per ton from $477 two weeks ago and down $297 (40.5 percent) per ton from the peak of $733 on July 14, 2008; down $51 per ton from the previous high of $487 on Sept. 10, 2007, but up $58 per ton from the recent low of $378 on Nov. 10, 2008.
• Western Europe—$511 (€401) per metric ton, ex-works—down $17 per tonne from $528 (€407) two weeks ago (on a Euro basis, it was down €6), and down $693 (€355) (57.6 percent) per ton from the peak of $1,204 (€756) on July 14, 2008; down $185 (€121) per ton from the previous high of $696 (€522) on June 11, 2007, and down $152 (€78) per ton from the recent low of $663 (€479) on July 23, 2007.
• World Export Price—$444 per metric ton, FOB the port of export—down $24 per ton versus $468 two weeks ago and down $669 (60.1percent) per ton from the peak of $1,113 on July 28, 2008; down $152 per ton from the previous high of $596 on March 26, 2007 and down $106 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.