HRB spot steel price drop continues mixed

SteelBenchmarker™reported that the U.S. hot-rolled band (HRB) spot price for July 23 dropped 1.0 percent to $569 per metric ton, FOB the mill for the seventh consecutive time. The world export HRB price dropped 1.6 percent to $550 per ton, FOB the port of export for the eight consecutive time. The Chinese HRB ex-works price rose 2.0 percent to $410 per ton after falling four consecutive times. The Western European HRB price dropped 1.5 percent to $663 per ton, ex-works, for the third consecutive drop.

The four benchmark prices for hot-rolled band included in the July 23 report are:

• U.S.—$569 per metric ton, FOB the mill—down $6 per ton from $575 two weeks ago and down $61 per ton from the recent high of $630 on April 9, 2007, and $2 per ton below the recent low of $571 on Jan. 22, 2007.
• World Export Price—$550 per metric ton, FOB the port of export—down $9 per ton from $559 two weeks ago and down $46 per ton from the recent high of $596 on March 26, 2007, but up $51 per ton from the previous low of $499 on Dec. 11, 2006.
• Western Europe— $663 per metric ton, ex-works—down $10 per ton from $673 two weeks ago and down $33 per ton from the recent high of $696 on June 11, 2007, but up $107 per ton from the low of $556 on Nov. 27, 2006.
• China— $410 per metric ton, ex-works—up $8 per ton from $402 two weeks ago and down $47 per ton from the recent high of $457 on May 14, 2007, but still up $37 per ton from the low of $373 on July 24, 2006.

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.