TAP Pipeline Set for 2015 Construction Start; Us Shredded Scrap Up 2.3% for Week

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In construction news, “the Trans-Adriatic pipeline (TAP) project to bring gas from the Caspian region via Turkey into Europe is gearing up to tender in 2014 ahead of its planned construction start a year later, it said on Wednesday,” reports Reuters.

“‘We plan to send invitations to tender during 2014 for pre-qualified engineering and pipeline contract packages, possibly in the first half,’ communications head Lisa Givert said on the sidelines of a gas event held in Germany to bring together suppliers and future customers for the new route.”

‘One big part of the project is also gaining access to land and rights of way to be able to meet the timetable for first gas to flow in 2019, but we’re on track,’ she said.”

“Potential suppliers have not yet been made public, nor the total expected cost of the project, which is expected to involve 55,000 people in three countries.”

Meanwhile, in construction metal price numbers…

The week’s biggest mover on the weekly Construction MMI®, US shredded scrap jumped 2.3 percent to close. Chinese rebar saw its price rise 0.3 percent over the past week. The Chinese low price of 62% Australian iron ore fines remained essentially flat. Chinese H-beam steel remained unchanged for the week.

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

The weekly US Gulf Coast bar fuel surcharge fell 0.3 percent after rising 1.9 percent the week before. Following a 1.1 percent increase in the week prior, the weekly US Midwest bar fuel surcharge fell 0.3 percent last week. The weekly US Rocky Mountain bar fuel surcharge fell 0.3 percent after rising 0.8 percent the week before.

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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.