Construction Metals Index Reflects Good News in US Housing Market
The monthly Construction MMI® registered a value of 92 in December, an increase of 1.1 percent from 91 in November.
The construction metals index saw a small lift this month due to slightly rising semi-finished aluminum prices, iron ore prices and Chinese rebar prices. However, not all elements of the index moved up, as Chinese H-beam prices and all US bar fuel surcharges declined from one month ago.
“Overall, however, the Construction MMI® appears to move fairly consistently with overall US Census Bureau construction data,” said Lisa Reisman, managing editor of MetalMiner. “We continue to see some positive news in the construction sector particularly for single family housing permits, new single family home sales and the Architectural Billings Index.”
This Economic Nuggets piece from Reed Construction Data covers the highlights.
Individual Metal Price Drivers
After dropping the previous month, the Chinese low price of 62% Australian iron ore fines prices rose 15 percent.
The price of Chinese rebar rose 3.2 percent after falling the previous month. The price of Chinese H-beam steel dropped 1.4 percent over the past month after holding steady the previous month. The price of US shredded scrap closed the month up 1 percent.
The price of European 1050 aluminum rose 1.5 percent, the second straight month of gains.
The weekly US Rocky Mountain, Gulf Coast and Midwest bar fuel surcharges all finished the month down slightly.
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 over a 30-day period. 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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