HRB prices drop 4 to 6 percent

The SteelBenchmarker™Chinese HRB ex-works price for September 22 dropped 6.4 percent to $599 per ton, after rising two weeks ago. The world export HRB price dropped 6.1 percent to $899 per ton, FOB the port of export, for the fourth consecutive time. The western European HRB price dropped 5.6 percent to $1,005 per ton, ex-works, for the fifth consecutive time (on a Euro basis, it plummeted 9.2 percent). The U.S. HRB spot price dropped 4.1 percent to $1,076 per metric ton, FOB the mill, for the fourth consecutive time.

The four benchmark prices for HRB for Sept. 22, 2008 are:

• U.S.—$1,076 per metric ton ($976 per net ton), FOB the mill—down $46 per ton from $1,122 ($1,018 net) two weeks ago and down $127 per ton from the peak on July 28, 2008, but up $516 per ton from the recent low of $560 ($508 net) on Aug. 13, 2007, and up $429 per ton from the recent high of $630 ($571 net) on April 9, 2007.
• World Export Price—$899 per metric ton, FOB the port of export—down $58 per ton from $957 two weeks ago and down $214 per ton from the peak on July 28, 2008, but up $349 per ton from the recent low of $550 on July 23, 2007, and up $303 per ton from the recent high of $596 on March 26, 2007.
• Western Europe— $1,005 (€681) per metric ton, ex-works—down $59 per ton from $1,064 (€750) two weeks ago (on a Euro basis, it was down €69), and down $199 per ton from the peak on July 14, 2008, but up $342 per ton from the recent low of $663 (€479) on July 23, 2007 (on a Euro basis, it was up €202), and up $309 per ton from the recent high of $696 (€522) on June 11, 2007.
• China— $599 per metric ton, ex-works—down $41 per ton from $640 two weeks ago and down $134 per ton from the peak on July 14, 2008, but up $129 per ton from the recent low of $470 on Oct. 22, 2007 (the previous low was $402 on July 9, 2007), and up $112 per ton from the previous high of $487 on Sept. 10, 2007.

Twice each month, SteelBenchmarkerpublishes steel benchmark prices for hot-rolled band, cold-rolled coil, rebar, and standard plate in the U.S., Western Europe, mainland China, and the world export market.