HRB prices in free fall

The bi-monthly SteelBenchmarker™ Western European HRB price for March 9 dropped 6.3 percent to $479 per ton (on a Euro basis, it dropped 6.5 percent), ex-works, for the 16th consecutive drop. The Chinese HRB ex-works price dropped 4.4 percent to $417 per ton for the third consecutive decline. The World export HRB price dropped 3.8 percent to $427 per ton, FOB the port of export; for the fourth consecutive time. The United States HRB spot price dropped 3.5 percent to $531 per metric ton, FOB the mill, for the 15th consecutive drop.

The four benchmark prices for hot-rolled band for March 9, 2009 are:

• U.S.—$531 per metric ton ($482 per net ton), FOB the mill—down $19 per ton from $550 ($599 net) two weeks ago and down $672 (55.9 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; down $99 per ton from the previous high of $630 ($571 net) on April 9, 2007 and down $29 per ton from the recent low of $560 ($508 net) on August 13, 2007.
• China—$417 per metric ton, ex-works—down $19 per ton from $436 two weeks ago and down $316 (43.1 percent) per ton from the peak of $733 on July 14, 2008; down $70 per ton from the previous high of $487 on Sept. 10, 2007, but up $39 per ton from the recent low of $378 on Nov. 10, 2008.
• Western Europe—$479 (€375) per metric ton, ex-works—down $32 per tonne from $511 (€401) two weeks ago (on a Euro basis, it was down €26), and down $725 (€381) (60.2 percent) per ton from the peak of $1,204 (€756) on July 14, 2008; down $217 (€147) per ton from the previous high of $696 (€522) on June 11, 2007, and down $184 (€104) per ton from the recent low of $663 (€479) on July 23, 2007.
• World Export Price—$427 per metric ton, FOB the port of export—down $17 per ton versus $444 two weeks ago and down $686 (61.6percent) per ton from the peak of $1,113 on July 28, 2008; down $169 per ton from the previous high of $596 on March 26, 2007 and down $123 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.