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Steel prices weak

SteelBenchmarker™reported that the U.S. hot-rolled band (HRB) spot price for May 28 slipped 0.8 percent to $608 per metric ton, FOB the mill for the third consecutive drop. The world export HRB price slipped 0.7 percent to $580 per ton, FOB the port of export for the fourth consecutive time. The Chinese HRB ex-works price plummeted 3.5 percent to $441 per ton after three consecutive rises. The Western European HRB price was up 0.1 percent to $688 per ton, ex-works, after slipping in the last reporting period.

The four benchmark prices for hot-rolled band included in the May 28 report are:

  • U.S.—$608 per metric ton, FOB the mill—down $5 per ton from $625 two weeks ago but up $37 per ton from the low of $571 on Jan. 22, 2007, and down $90 per ton from the previous high of $698 on July 24, 2006.
  • World Export Price—$580 per metric ton, FOB the port of export—down $4 per ton from $584 two weeks ago, but up $81 per ton from the previous low of $499 on Dec. 11, 2006, and down $30 per ton from the peak of $610 on June 12, 2006.
  • Western Europe— $688 per metric ton, ex-works—up $1 per ton from $687 two weeks ago and up $132 per ton from the low of $556 on Nov. 27, 2006, and up $57 per ton from the previous peak of $631 reached on July 24, 2006.
  • China— $441 per metric ton, ex-works—down $16 per ton from $457 two weeks ago but up $68 per ton from the low of $373 on July 24, 2006, and down $23 per ton below the high 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.