BHP Billiton Hit By End of Raw Materials Boom as Iron Ore Prices Drop More

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The Biggies – BHP Billiton, Rio Tinto, Vale – are lamenting the end of the commodities super cycle.

Via The Australian: “Over past three months the value of mining service companies has fallen by more than 35 per cent, or a massive $17 billion, in arguably the biggest single sectoral destruction of value since the dotcom crash early last decade.”

Meanwhile, the week’s biggest mover on MetalMiner’s weekly Construction MMI® was the Chinese low price of 62% Australian iron ore fines, which saw a 3.4 percent decline. This comes on the heels of a 1.0 percent increase the week before.

More current ferrous and non-ferrous metal prices:

today's metal prices - MetalMiner IndXThe price of US shredded scrap finished the week down 3.2 percent. Chinese H-beam steel saw a 1.1 percent decline over the past week. Chinese rebar fell 0.3 percent over the past week.

Chinese aluminum bar traded sideways last week. European 1050 aluminum prices held steady from the previous week.

The weekly US Gulf Coast bar fuel surcharge settled after shifting up 2.5 percent. Last week, the weekly US Rocky Mountain bar fuel surcharge shifted slightly, rising by 1.7 percent. A 1.6 percent gain landed the weekly US Midwest bar fuel surcharge higher.

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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.