The U.K’s construction sector has reported another month of positive numbers, “boosted by a further surge in house building and a fourth straight month of job creation, helping to underpin the economic recovery, a monthly survey showed Wednesday,” reports the Wall Street Journal.
“Construction is no longer the weakest link in the U.K. economy,” said Tim Moore, senior economist at Markit. “The third quarter of 2013 ended with output growth riding high amid greater spending on infrastructure projects and resurgent house building activity.”
After drifting 1.6 percent, European 1050 aluminum dropped making it the biggest mover on the weekly Construction MMI® this week. Prices for Chinese aluminum bar remained constant.
Chinese H-beam steel rose 0.6 percent over the past week. The price of US shredded scrap rose 0.6 percent after falling 0.3 percent during the previous week. This past week, the Chinese low price of 62% Australian iron ore fines kept quiet. The week finished with no movement for Chinese rebar.
Closing out the third week of declining prices, the weekly US Gulf Coast bar fuel surcharge dropped by 1.3 percent. The weekly US Midwest bar fuel surcharge fell 1.2 percent for the week. Following a 0.6 percent drop, the weekly US Rocky Mountain bar fuel surcharge finished the week.
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.