Potentially good news for the construction sector in terms of housing – according to S&P/Case-Shiller index, home prices are rising at the fastest rate in seven years, up 9.3% in February from a year earlier. Mortgage rates are still near record lows.
Meanwhile, European 1050 aluminum saw a 2.8 percent decline this week, making it the biggest mover on the weekly Construction MMI®. The week finished with no movement for Chinese aluminum bar.
The Chinese low price of 62% Australian iron ore fines fell 0.9 percent for the week. After a 0.9 percent decline, Chinese rebar closed out the week down. The price of US shredded scrap finished the week down 0.3 percent. Chinese H-beam steel traded sideways last week.
For the third week in a row, the weekly US Midwest bar fuel surcharge dropped, falling 1.7 percent. The weekly US Rocky Mountain bar fuel surcharge dropped 1.4 percent this week, closing out the third consecutive week of falling prices. The weekly US Gulf Coast bar fuel surcharge fell 1.1 percent over the past week, also the third week in a row of declining prices.
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.