The Chinese low price of 62% Australian iron ore fines saw the biggest increase on the weekly Construction MMI®, rising 5.4 percent.
Closing out the third week of declining prices, the price of US shredded scrap dropped by 3.1 percent, while the price of Chinese rebar rose 0.2 percent, after falling 0.2 percent during the previous week. Closing at north of $600 per metric ton, Chinese H-beam steel remained unchanged for the week.
Chinese aluminum bar traded sideways last week, hovering above $2,200 per metric ton. European 1050 aluminum remained essentially flat from the previous week, holding below $3,000 per metric ton.
The weekly US Midwest bar fuel surcharge fell four percent from the prior week. The weekly US Gulf Coast bar fuel surcharge declined 3.6 percent, and the weekly US Rocky Mountain bar fuel surcharge fell 3.2 percent from the previous week.
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.