SteelBenchmarker™ reported that the U.S. hot-rolled band (HRB) spot price for Nov. 12 surged 1.6 percent to $586 per metric ton, FOB the mill, after falling 0.6 percent three weeks ago. The world export HRB price slipped 0.3 percent to $583 per ton, FOB the port of export, after four consecutive rises. The Chinese HRB ex-works price soared 3.4 percent to $486 per ton after three consecutive declines. The Western European HRB price rose 0.7 percent to $677 per ton, ex-works, after two consecutive falls (on a Euro basis, it fell 1.7 percent for the fifth consecutive time).
The four benchmark prices for hot-rolled band included in the Nov. 12 report are:
- U.S.—$586 per metric ton ($532 per net ton), FOB the mill—up $9 per ton from $577 ($523 net) three weeks ago but down $44 per ton from the recent high of $630 ($571 net) on April 9, 2007, and up $26 per ton from the recent low of $560 ($508 nt) on Aug. 13, 2007.
- World Export Price—$583 per metric ton, FOB the port of export—down $2 per ton from $585 three weeks ago, and down $13 per ton from the recent high of $596 on March 26, 2007, but up $33 per ton from the previous low of $550 on July 23, 2007.
- Western Europe— $677 (€464) per metric ton, ex-works—up $5 per ton from $672 (€472) three weeks ago (on a Euro basis, it was down €8) but down $19 per ton from the recent high of $696 (€522) on June 11, 2007 and up $14 per ton from the recent low of $663 (€479) on July 23, 2007 (on a Euro basis, it was down €15).
- China— $486 per metric ton, ex-works—up $16 per ton from $470 three weeks ago but down $1 per ton from $487 on Sept. 10, 2007, and up $29 per ton from the previous high of $457 on May 14, 2007 and up $84 per ton from the recent low of $402 on July 9, 2007.
Twice each month, SteelBenchmarker publishes 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.