The week’s biggest mover on the weekly Construction MMI® was the Chinese low price of 62% Australian iron ore fines, which saw a 3.2 percent decline. This week marked the third in a row of declining prices for the metal.
The price of Chinese rebar rose 2.2 percent after falling 1.1 percent during the previous week. US shredded scrap fell 1.2 percent over the past week. Closing below $550 per metric ton, Chinese H-beam steel remained unchanged for the week.
Following a steady week, prices for Chinese aluminum bar closed flat above $2,200 per metric ton. The price of European 1050 aluminum did not change since the previous week.
Closing out the third week of rising prices, the weekly US Rocky Mountain bar fuel surcharge increased by 0.8 percent. The weekly US Gulf Coast bar fuel surcharge rose 0.2 percent this week. Following a 1.6 percent increase in the week prior, the weekly US Midwest bar fuel surcharge fell 0.2 percent last 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.