The biggest mover this week was Chinese rebar with a 2.2 percent fall on the weekly Construction MMI® to close the week at CNY 3,520 ($569.04) per metric ton. The price of US shredded scrap declined 1.5 percent over the past week, settling at $383.00 per short ton. The Chinese low price of 62% Australian iron ore fines fell 0.9 percent to CNY 1,070 ($172.97) per dry metric ton after rising 0.9 percent the week before. At CNY 3,690 ($596.52) per metric ton, the price of Chinese H-beam steel did not change since the previous week.
Following a steady week, prices for Chinese aluminum bar closed flat at CNY 14,050 ($2,271) per metric ton. European 1050 aluminum traded sideways last week, hovering around EUR 2,215 ($2,839) per metric ton.
The weekly US Gulf Coast bar fuel surcharge dropped 2.0 percent this week, closing out the third consecutive week of falling prices at $0.53 per mile. The weekly US Midwest bar fuel surcharge fell 1.9 percent over the past week to $0.52 per mile. This was the third week in a row of declining prices. At $0.53 per mile, the weekly US Rocky Mountain bar fuel surcharge finished the week down 1.3 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.