HRB prices: Trolling the bottom

The bi-monthly SteelBenchmarker™ United States HRB spot price for May 25 fell 3.2 percent to $429 per metric ton, FOB the mill, for the twentieth consecutive decline. The World export HRB price increased 0.5 percent to $396 per ton, FOB the port of export, after eight consecutive drops. The Chinese HRB ex-works price rose 1.2 percent to $421 per ton, for the third consecutive rise. The Western European HRB price rose 1.3 percent to $466 (on a Euro basis, it declined 0.3 percent), ex-works, for the second consecutive increase.

The four benchmark prices for hot-rolled band for May 25, 2009 are:

• U.S.—$429 per metric ton ($390 per net ton), FOB the mill—down $14 per ton from $443 ($402 net) two weeks ago and down $774 (64.3 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; down $11 per ton from the recent low of $440 ($399 net) in July 2005, but up 199 per ton from the record low of $230 ($209 net) in December 2001.
• China—$421 per metric ton, ex-works—up $5 per ton from $416 two weeks ago, but down $312 (42.6 percent) per ton from the record peak of $733 on July 14, 2008; up $131 per ton from the recent low of $290 in December 2005 and up $174 per ton from the record low of $247 in December 2001.
• Western Europe—$466 (€334) per metric ton, ex-works—up $6 per ton from $460 (€336) two weeks ago (on a Euro basis, down €1), and down $738 (€421) (61.3 percent) per ton from the record peak of $1,204 (€756) on July 14, 2008; up $10 (down €50) per ton from the recent low of $456 (€385) in December 2005 and up $277 (€123) per ton from the record low of $189 (€212) in December 2001.
• World Export Price—$396 per metric ton, FOB the port of export—up $2 per ton versus $394 two weeks ago but down $717 (64.4percent) per ton from the record peak of $1,113 on July 28, 2008; up $7 per ton from the recent low of $389 in July 2005 and up $221 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.