HRB spot steel prices continue downward trend

SteelBenchmarker™reported that the U.S. hot-rolled band (HRB) spot price for July 9 dropped 1.9 percent to $575 per metric ton, FOB the mill for the sixth consecutive time. The world export HRB price dropped 1.4 percent to $559 per ton, FOB the port of export for the seventh consecutive time. The Chinese HRB ex-works price fell 2.4 percent to $402 per ton for the fourth consecutive drop. The Western European HRB price dropped 1.6 percent to $673 per ton, ex-works, for the second consecutive drop.

The four benchmark prices for hot-rolled band included in the July 9 report are:

• U.S.—$575 per metric ton, FOB the mill—down $11 per ton from $586 two weeks ago and down 55 per ton from the recent high of $630 on April 9, 2007, but still up $4 per ton from the low of $571 on Jan. 22, 2007.
• World Export Price—$559 per metric ton, FOB the port of export—down $8 per ton from $567 two weeks ago and down $37 per ton from the recent high of %596 on March 26, 2007, but up $60 per ton from the previous low of $499 on Dec. 11, 2006.
• Western Europe— $673 per metric ton, ex-works—down $11 per ton from $684 two weeks ago and down $23 per ton from the recent high of $696 on June 11, 2007, but up $117 per ton from the low of $556 on Nov. 27, 2006.
• China— $402 per metric ton, ex-works—down $10 per ton from $412 two weeks ago and down $55 per ton from the recent high of $457 on May 14, 2007, but still up $29 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.