The week’s biggest mover on the weekly Construction MMI® was the Chinese low price of 62% Australian iron ore fines, which saw a 7.5 percent increase. This week marked the third in a row of rising prices for the metal.
Iron ore prices across the board have hit yearly highs — from around $90 per metric ton for 62% to nearly $160 per metric ton this week — although analysts from Macquarie and Deutsche Bank don’t see these highs as sustainable much beyond the upcoming Chinese lunar new year, according to the FT.
Back on our MetalMiner IndX℠, the price of Chinese rebar rose 3.8 percent over the past week. This was the fourth week in a row of increasing prices. Chinese H-beam steel gained a slight 0.8 percent this past week. The price of US shredded scrap fell 0.5 percent after rising 1 percent the week before.
Chinese aluminum bar remained essentially flat from the previous week. European 1050 aluminum traded sideways last week.
For the third week in a row, the weekly US Rocky Mountain bar fuel surcharge dropped, falling 2.3 percent. The weekly US Gulf Coast bar fuel surcharge fell 0.6 percent over the past week. This was the third week in a row of declining prices. The weekly US Midwest bar fuel surcharge rose 0.3 percent after falling 0.6 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.