Total construction spending in February rose by 0.1%, according to the Commerce Department. Nonresidential construction is rebounding from the economic downturn, with spending on commercial projects up by 13% in the last 12 months.
The week’s biggest mover on the weekly Construction MMI® was US shredded scrap, which saw a 1.3 percent increase to $391.00 per short ton. Chinese rebar gained a slight 0.9 percent this past week, finishing at CNY 3,320 ($533.99) per metric ton. At CNY 970.00 ($156.02) per dry metric ton, the Chinese low price of 62% Australian iron ore fines remained essentially flat. Chinese H-beam steel prices held steady from the previous week at CNY 3,300 ($530.77) per metric ton.
The price of European 1050 aluminum declined 1.1 percent over the past week, settling at EUR 2,052 ($2,827) per metric ton. Closing at CNY 14,200 ($2,284) per metric ton, Chinese aluminum bar remained unchanged for the week.
The weekly US Midwest bar fuel surcharge dropped 0.6 percent this week, closing out the third consecutive week of falling prices at $0.55 per mile. The weekly US Rocky Mountain bar fuel surcharge declined to $0.55 per mile after drifting 0.3 percent since last week. The weekly US Gulf Coast bar fuel surcharge rose 0.2 percent to $0.52 per mile after falling 0.1 percent during the previous 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.