US Construction Spending Rises To Highest Level in 4-1/2 Years

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Numbers are increasing! “U.S. construction spending rose to its highest level in nearly 4-1/2 years in October as a rebound in public construction projects offset a drop in private outlays,” reports Reuters.

“Construction spending increased 0.8 percent to an annual rate of $908.4 billion, the highest level since May 2009, the Commerce Department said on Monday. Economists polled by Reuters had expected an increase of 0.4 percent.”

On the weekly Construction MMI®, European 1050 aluminum finished as the week’s biggest mover with a 2.0 percent decline. The week finished with no movement for Chinese aluminum bar.

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The price of Chinese rebar rose 1.3 percent after falling 0.3 percent during the previous week. The Chinese low price of 62% Australian iron ore fines stayed essentially flat. US shredded scrap traded sideways last week. The price of Chinese H-beam steel did not change since the previous week.

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The weekly US Gulf Coast bar fuel surcharge ticked up 1.9 percent over the past week. Last week, the weekly US Midwest bar fuel surcharge shifted slightly, rising by 1.1 percent to close. The weekly US Rocky Mountain bar fuel surcharge rose 0.8 percent over the past 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.