HRB prices on the way up

The bi-monthly SteelBenchmarker™ World export HRB price for June 22 soared 10.9 percent to $446 per ton, FOB the port of export, for the third consecutive rise. The United States HRB spot price surged 6.5 percent to $461 per metric ton, FOB the mill, for the second consecutive time. The Western European HRB price surged 5.6 percent to $491 (on a Euro basis, it rose 5.4 percent), ex-works, after slipping two weeks ago. The Chinese HRB ex-works price rose 4.2 percent to $447 per ton for the fifth consecutive rise.

The four benchmark prices for hot-rolled band for June 22, 2009 are:

• U.S.—$461 per metric ton ($418 per net ton), FOB the mill—up $28 per ton from $433 ($393 net) two weeks ago, but down $742 (61.7 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; up $21 per ton from the recent low of $440 ($399 net) in July 2005, and up $231 per ton from the record low of $230 ($209 net) in December 2001.
• China—$447 per metric ton, ex-works—up $18 per ton from $429 two weeks ago, but down $286 (39.0 percent) per ton from the record peak of $733 on July 14, 2008; up $157 per ton from the recent low of $290 in December 2005 and up $231 per ton from the record low of $247 in December 2001.
• Western Europe—$491 (€351) per metric ton, ex-works—up $26 per ton from $465 (€333) two weeks ago (on a Euro basis, down €18), and down $713 (€405) (59.2 percent) per ton from the record peak of $1,204 (€756) on July 14, 2008; up $35 (down €34) per ton from the recent low of $456 (€385) in December 2005 and up $302 (€139) per ton from the record low of $189 (€212) in December 2001.
• World Export Price—$446 per metric ton, FOB the port of export—up $44 per ton versus $402 two weeks ago but down $667 (59.9 percent) per ton from the record peak of $1,113 on July 28, 2008; up $57 per ton from the recent low of $389 in July 2005 and up $271 per ton from the record low of $175 in December 2001.

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.