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HRB spot steel prices continue upward surge

SteelBenchmarker™reported that the western European hot-rolled band (HRB) price for March 10 surged 6.5 percent to $888 per ton,, ex-works, for the third consecutive time (on a Euro basis, it rose 3.4 percent). The world export HRB price surged 6.4 percent to $816 per ton, FOB the port of export, for the seventh consecutive rise totaling $235.The U.S. (HRB) spot price surged 6.2 percent to $834 per metric ton, FOB the mill, for the ninth consecutive rise totaling $257. The Chinese HRB ex-works price rose 4.0 percent to $628 per ton for the fifth consecutive rise.

The four benchmark prices for HRB for March 10, 2008 are:

  • U.S.—$834 per metric ton ($756 per net ton), FOB the mill—up $4p per ton from $785 ($712 net) two weeks ago and up $274 per ton from the recent low of $560 ($508 net) on Aug. 13, 2007, and up $294 per ton from the recent high of $630 ($571 net) on April 9, 2007.
  • World Export Price—$816 per metric ton, FOB the port of export—up $49 per ton from $767 two weeks ago, up $266 per ton from the recent low of $550 on July 23, 2007, and up $220 per ton from the recent high of $596 on March 26, 2007.
  • Western Europe— $888 (€579) per metric ton, ex-works—up $54 per ton from $834 (€560) two weeks ago (on a Euro basis, it was up €19), up $225 per ton from the recent low of $663 (€479) on July 23, 2007 (on a Euro basis, it was up €100), and up $192 per ton from the recent high of $696 (€522) on June 11, 2007.
  • China— $628 per metric ton, ex-works—up $24 per ton from $604 two weeks ago, up $158 per ton from the recent low of $470 on Oct. 22, 2007 (the previous low was $402 on July 9, 2007), and up $141 per ton from the previous high of $487 on Sept. 10, 2007.

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.