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World Hot Rolled Band Prices Diverge
The US hot rolled band (HRB) price continues to edge higher, rising by $6/t in the two weeks to 11 July to $1,006/t, according to the latest SteelBenchmarker from World Steel Dynamics. The US HRB price has now increased by around $300/t since the start of the year and is at a premium of $413/t to the world export price. By contrast, the Western European and Chinese HRB prices fell by $24/t and $15/t in the period 27 June-11 July to $535/t and $634/t, respectively.
US steel prices surged amidst an escalating dispute between the US and its major trading partners following the former’s announcement of import tariffs on steel and aluminium in March. On 11 July the US announced it was planning to target a further $200 billion worth of Chinese imports with 10% tariffs from September.