The monthly Construction MMI® registered a value of 89 in October, on par with September’s value. Additional commentary forthcoming!
Construction Metals Index Price Drivers
Chinese rebar prices decreased by 2.0 percent this month, ending at $568.52 per metric ton. At $356.00 per short ton, US shredded scrap was down 1.9 percent for the month. The price of European 1050 aluminum effectively increased for US buyers by 0.5 percent to $2,856 per metric ton.
After a tiny increase, the weekly US Gulf Coast bar fuel surcharge finished the month at $0.52 per mile. The weekly US Midwest bar fuel surcharge held pat last month at $0.54 per mile. Over the past month, the weekly US Rocky Mountain bar fuel surcharge also did not move, staying around $0.54 per mile.
Last month was consistent for the Chinese low price of 62% Australian iron ore fines, which did not move to register $158.47 per dry metric ton, but remains roughly $20/ton lower than it was for several months this spring. The price of Chinese aluminum bar held steady around $2,320 per metric ton last month. Prices for Chinese H-beam steel remained constant this past month, increasing only about $5 per metric ton to land at $568.52 per metric ton.
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 over a 30-day period. 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.