HRB spot steel price weakness accelerates

SteelBenchmarker™has reported that the U.S. hot-rolled band (HRB) spot price fell $18 to $622 per ton, FOB the mill, for the seventh drop in a row. The world export HRB price for Nov. 13 also fell $18 to $511 per ton, FOB the port of export, for the tenth decline in a row. The Chinese HRB ex-works price dropped $6 to $392 per ton for the second consecutive drop.

The four benchmark prices for hot-rolled band included in the Nov . 13 report are:

• U.S.—$622 per metric ton, FOB the mill—down $18 per ton from $640 two weeks ago and down $76 per ton from the peak of $698 July 24, 2006.
• World Export Price—$511 per metric ton, FOB the port of export—down $18 per ton versus $529 two weeks ago and down $99 per ton from the peak of $610 on June 12, 2006.
• Western Europe— $565 per metric ton, ex-works—down $66 per ton from the peak of $631 on July 24, 2006.
• China— $392 per metric ton, ex-works—down $6 per ton from $398 two weeks ago and down $72 per ton from the peak of $464 June 12, 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.