HRB spot steel prices begin year mixed

SteelBenchmarker™reported that the U.S. hot-rolled band (HRB) spot price for Jan. 8 fell 1.0 percent to $578 per ton, FOB the mill for the 11th drop in a row. The world export HRB price was up slightly to $503 per ton, FOB the port of export, for the second time. The Chinese HRB ex-works price surged 6.6 percent to $417 per ton, for the third time. The Western European HRB price rose 1.4 percent to $581 per ton, ex-works, for the third time.

The four benchmark prices for hot-rolled band included in the Jan. 10 report are:

• U.S.—$578 per metric ton, FOB the mill—down $6per ton from $584 two weeks ago and down $120 per ton from the peak of $698 on July 24, 2006.
• World Export Price—$503 per metric ton, FOB the port of export—up $1 per ton versus $502 two weeks ago but down $107 per ton from the peak of $610 on June 12, 2006.
• Western Europe— $581 per metric ton, ex-works—up $8 per ton from $573 two weeks ago but still down $50 per ton from the peak of $631 on July 24, 2006. Note: SteelBenchmarker believes the Western Eurpoe price is more representative of the Southern European Market.
• China— $417 per metric ton, ex-works—up $26 per ton from $391 two weeks ago but still down $47 per ton from the peak of $464 on 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.