HRB prices: 'Never-ending bottom'

In its latest release of hot-rolled band prices, SteelBenchmarker™'s headline read "never-ending bottom."

The bi-monthly SteelBenchmarkerWestern European HRB price for April 27 plummeted 6.0 percent per ton (on a Euro basis, it plummeted 5.8 percent, ex-works, for the second consecutive drop. The U.S. HRB spot price dropped 4.4 percent to $453 per metric ton, FOB the mill, for the 18th consecutive decline. The World export HRB price fell 1.2 percent to $395 per ton, FOB the port of export, for the seventh consecutive time. The Chinese HRB ex-works price rose 2.3 percent to $400 per ton after declining five consecutive times.

The four benchmark prices for hot-rolled band for April 27, 2009 are:

• U.S.—$453 per metric ton ($411 per net ton), FOB the mill—down $21 per ton from $474 ($430 net) two weeks ago and down $750 (62.3 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; down $177 per ton from the previous high of $630 ($571 net) on April 9, 2007 and down $107per ton from the per ton from the recent low of $560 ($508 net) on August 13, 2007.
• China—$400 per metric ton, ex-works—up $9 per ton from $391 two weeks ago, but down $333 (45.4 percent) per ton from the peak of $733 on July 14, 2008; down $87 per ton from the previous high of $487 on Sept. 10, 2007, but up $22 per ton from the recent low of $378 on Nov. 10, 2008.
• Western Europe—$453 (€339) per metric ton, ex-works—down $29 per ton from $482 (€360) two weeks ago (on a Euro basis, it was down €21), and down $751 (€417) (62.4 percent) per ton from the peak of $1,204 (€756) on July 14, 2008; down $243 (€183) per ton from the previous high of $696 (€522) on June 11, 2007, and down $210 (€140) per ton from the recent low of $663 (€479) on July 23, 2007.
• World Export Price—$395 per metric ton, FOB the port of export—down $5 per ton versus $400 two weeks ago and down $718 (64.5percent) per ton from the peak of $1,113 on July 28, 2008; down $201 per ton from the previous high of $596 on March 26, 2007 and down $155 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.