US and Chinese HRB Prices at Multi-Year Highs
The US domestic price for hot rolled band (HRB) climbed $17/t in the three weeks to 16 May to the highest level since September 2008 at $972/t, according to the latest SteelBenchmarker from World Steel Dynamics. Prompted by the announcement of tariffs on steel imports, US steel prices have surged in recent months and are now almost $270/t higher than at the end of 2017. The Chinese HRB price rose by $22/t over the past three weeks to a six-year high of $564/t. By contrast, the Western European price fell by $9/t to $671/t, with softer steel demand reported in some regions.