HRB prices on a downtrend

The SteelBenchmarker™world export price for Sept. 8 dropped 4.9 percent to $957 per ton, FOB the port of export, for the third consecutive time. The Western European HRB price dropped 4.0 percent to $1,064 per ton, ex-works, for the fourth consecutive time (on a Euro basis, it slipped 0.7 percent). The U.S. HRB spot price fell 3.2 percent to $1,122 per metric ton, FOB the mill, for the third consecutive drop. The Chinese HRB ex-works price rose 0.6 percent to $640 per ton, after dropping three consecutive times.

The four benchmark prices for HRB for Sept. 8, 2008 are:

• U.S.—$1,122 per metric ton ($1,051 per net ton), FOB the mill—down $81 per ton from the peak on July 28, 2008, but up $562 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—$957 per metric ton, FOB the port of export—down $49 per ton from $1,006 two weeks ago and down $156 per ton from the peak on July 28, 2008, but up $407 per ton from the recent low of $550 on July 23, 2007, and up $361 per ton from the recent high of $596 on March 26, 2007.
• Western Europe— $1,064 (€750) per metric ton, ex-works—down $44 per ton from $1,108 (€755) two weeks ago (on a Euro basis, it was down €5), and down $140 per ton from the peak on July 14, 2008, but up $401 per ton from the recent low of $663 (€479) on July 23, 2007 (on a Euro basis, it was up €271), and up $368 per ton from the recent high of $696 (€522) on June 11, 2007.
• China— $640 per metric ton, ex-works—up $4 per ton from $636 two weeks ago but down $93 per ton from the peak on July 14, 2008, but up $170 per ton from the recent low of $470 on Oct. 22, 2007 (the previous low was $402 on July 9, 2007), and up $153 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.