The week’s biggest mover on the Construction MMI® was the weekly US Gulf Coast bar fuel surcharge, which saw a 2.4 percent decline to $0.54 per short ton. Last week marked the fourth in a row of declining prices for the metal. Closing out the third week of declining prices, the weekly US Midwest bar fuel surcharge dropped 1.7 percent, finishing at $0.54 per short ton. The weekly US Rocky Mountain bar fuel surcharge fell 1.5 percent over the past week to $0.56 per short ton. This was the third week in a row of declining prices.
The Chinese low price of 62% Australian iron ore fines dropped 2.3 percent this week, closing out the third consecutive week of falling prices. The price of Chinese rebar fell 2.3 percent over the past week, the third week in a row of declining prices. At between $425-$450 per short ton, the week finished with no movement for US shredded scrap. The Chinese H-beam steel price did not change since the previous week, remaining below $650 per metric ton.
Following a steady week, prices for Chinese aluminum bar closed flat at above $2,200 per metric ton. European 1050 aluminum traded sideways last week, hovering between $3,050 and $3,075 per metric ton.
The Construction MMI® collects and weights 9 metal price points used within the construction industry to provide a unique view into construction industry price trends. For more information on the Construction MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.