MetalMiner’s weekly construction metal index comes on the heels of the US Census Bureau’s release of new residential sales in June 2012, which is one plank in the recent spate of not-so-great news for the US economy.
According to their data, sales of new single-family houses in June 2012 were at a seasonally adjusted annual rate of 350,000, 8.4 percent below the revised May rate of 382,000.
The figure is still 15.1 percent above the June 2011 mark, but both percentages have a high margin of error.
What Does This Mean for the Construction MMI®?
The week’s biggest mover on the weekly Construction MMI® was the price of Chinese rebar, which saw a 4.3 percent decline. This week marked the third in a row of declining prices for the metal.
For the third week in a row, the Chinese low price of 62% Australian iron ore fines dropped, falling 3.9 percent. Chinese H-beam steel prices were off slightly, dipping below $600 per metric ton.
Turnaround alert: the price of US shredded scrap stopped the bleeding and rose 0.3 percent, after falling 8.3 percent during the previous week.
Chinese aluminum bar prices held steady from the previous week at above $2,000 per metric ton. Following a steady week, prices for European 1050 aluminum closed flat above $2,700 per metric ton.
The weekly US Midwest bar fuel surcharge rose 3.9 percent last week, while the weekly US Gulf Coast bar fuel surcharge shifted up 3.7 percent. The weekly US Rocky Mountain bar fuel surcharge rose 1.2 percent after falling 0.3 percent during 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.