HRB prices revisit the bottom

The bi-monthly SteelBenchmarker™United States hot-rolled band (HRB) spot price for Feb. 9th dropped 3.5 percent to $554 per metric ton, FOB the mill, for the 13th consecutive decline. The Western European HRB price dropped 3.5 percent to $528 per ton (on a Euro basis, it fell 1.9 percent), ex-works, for the 14th consecutive drop. The World export HRB price fell 2.5 percent to $468 per ton, FOB the port of export, for the second consecutive time. The Chinese HRB ex-works price fell 1.6 percent to $477 per ton, after rising for the last five consecutive times.

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

• USA—$554 per metric ton ($503 per net ton), FOB the mill—down $20 per ton from $574 ($521 net) two weeks ago and down $649 (53.9 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 200; down $76 per ton from the previous high of $630 ($571 net) on April 9, 2007 and down $6 per ton from the recent low of $560 ($508 net) on Aug. 13, 2007.
• China—$477 per metric ton, ex-works—down $8 per ton from $485 two weeks ago and down $256 (34.9 percent) per ton from the peak of $733 on July 14, 2008, and down $10 per ton from the previous high of $487 on Sept. 10, 2007, but up $7 per ton from the recent low of $470 on Oct. 22, 2007 (the previous low was $402 on July 9, 2007).
• Western Europe—$528 (€407) per metric ton, ex-works—down $19 per ton from $547 (€415) two weeks ago (on a Euro basis, it was down (€8) and down $676 (€349) (56.1 percent) per ton from the peak of $1,204 (€756) on July 14, 2008; down $168 (€115) per ton from the previous high of $696 (€522) on June 11, 2007 and down $135 (€72) per ton from the recent low of $663 (€479) on July 23, 2007.
• World Export Price—$468 per metric ton, FOB the port of export—down $12 per ton versus $480 two weeks ago and down $645 (58.0 percent) per ton from the peak of $1,113 on July 28, 2008; down $128 per ton from the previous high of $596 on March 26, 2007 and down $82 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 United States, Western Europe, and the world export market. Additionally, there are benchmark prices for steel scrap in the United States.