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HRB prices plummet 34 percent to 48 percent from peak

The SteelBenchmarker™world export HRB price for Nov. 10 dropped 10.3 percent to $630 per ton, FOB the port of export, for the seventh consecutive decline. The U.S. HRB spot price dropped 9.9 percent to $798 per metric ton, FOB the mill, for the seventh consecutive decline. The western European HRB price dropped 8.9 percent to $776 per ton, ex-works, for the eighth consecutive drop (on a Euro basis, it dropped 10.9 percent). The Chinese HRB ex-works price dropped 7.4 percent to $378 per ton for the fourth consecutive drop.

The four benchmark prices for HRB for Nov. 10, 2008 are:

  • U.S.—$798 per metric ton ($724 per net ton), FOB the mill—down $88 per ton from $886 ($803 net) two weeks ago and down $405 (33.7 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; up $168 per ton from the previous high of $630 ($571 net) on April 9, 2007, and up $238 per ton from the recent low of $560 ($508 net) on Aug. 13, 2007.
  • World Export Price—$630 per metric ton, FOB the port of export—down $72 per ton from $702 two weeks ago; down $483 (43.4 percent) per ton from the peak of $1,113 on July 28, 2008, but up $34 per ton from the previous high of $596 on March 26, 2007, and up $80 per ton from the recent low of $550 on July 23, 2007.
  • Western Europe— $776 (€608) per metric ton, ex-works—down $76 per ton from $852 (€682) two weeks ago (on a Euro basis, it was up €74); down $428 (€148) (35.5 percent) per ton from the peak of $1,204 (€756) on July 14, 2008, but up $80 (€86) per ton from the previous high of $696 (€522) on June 11, 2007, and up $113 (€129) from the recent low of $663 (€479) on July 23, 2007.
  • China— $378 per metric ton, ex-works—down $30 per ton from $408 two weeks ago and down $355 (48.4 percent) per ton from the peak of $733 on July 14, 2008; down $109 per ton from the previous high of $487 on Sept. 10, 2007, and down $92 per ton from the recent low of $470 on Oct. 22, 2007 (the previous low was $402 on July 9, 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.