Chinese Prices of Iron Ore Still Plummeting, Affecting Weekly Construction Metals Index

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The week’s biggest mover on MetalMiner’s weekly Construction MMI® was the Chinese low price of 62% Australian iron ore fines, which saw a 9.3 percent decline. This week marked the third in a row of declining prices for the key raw material.

The price of Chinese rebar declined 2.4 percent over the past week. Chinese H-beam steel prices were off slightly, down about $4 per metric ton from a week ago. US shredded scrap remained essentially flat from the previous week, holding above $400 per short ton.

Closing above $2,200 per metric ton, Chinese aluminum bar remained unchanged for the week. At above $2,800 per metric ton, the price of European 1050 aluminum did not change since the previous week.

The weekly US Rocky Mountain bar fuel surcharge rose 3.1 percent this week, while the weekly US Midwest bar fuel surcharge finished the week 2.6 percent higher. Closing out the third week of rising prices, the weekly US Gulf Coast bar fuel surcharge increased by 1.2 percent.

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.

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