US Shredded Scrap, China 62% Iron Ore Prices Fall; Home Sales Up

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Sales of previously owned homes have seen quite a rise lately, as buyers try to beat steadily rising mortgage rates.

Although previously owned houses have been getting snapped up, rising 6.5% in July from a month earlier to an annual rate of 5.39 million, according to the National Association of Realtors (the best sales month since November 2009), “there have been signs elsewhere that the market could stumble amid higher mortgage rates, skilled-labor shortages, higher materials costs and a lack of available land for new homes,” the Wall Street Journal reported. “Builders last month started construction on single-family homes at the slowest pace in eight months.”

Here are some of the prices for those raw materials that go into US housing construction:

The biggest mover on the weekly Construction MMI® was the price of US shredded scrap, which saw a 3.2 percent decline. This comes on the heels of a 0.5 percent increase the week before.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese H-beam steel rose by a slight 0.9 percent. In the past week, Chinese rebar saw its price shift up 0.6 percent. This past week, the Chinese low price of 62% Australian iron ore fines kept relatively quiet.

Chinese aluminum bar remained essentially flat from the previous week. European 1050 aluminum prices held steady from the previous week.

The weekly US Rocky Mountain bar fuel surcharge declined 0.4 percent since last week. The weekly US Gulf Coast bar fuel surcharge rose 0.2 percent after falling 0.6 percent during the previous week. The weekly US Midwest bar fuel surcharge remained steady.

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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.