Strong Week for Construction, Obama Transportation Bill Would Allow States to Toll Highways

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A $302 billion, four-year transportation bill backed by the Obama administration would repeal federal law that prohibits tolling on most of the interstate system. The measure would allow states to collect tolls on interstate highways to fund transit repairs, and use money from corporate tax reform to fund the bill. Transportation Secretary Anthony Foxx says the bill would create jobs.

In cities across the U.S., 74 high-rise apartment buildings are slated to be built this year, and 81 more are planned for next year. That’s the highest count since the 1970s, says research firm Axiometrics.

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The week’s biggest mover on the weekly Construction MMI® was the weekly US Rocky Mountain bar fuel surcharge, which saw a 1.5 percent increase to $0.55 per short ton. This comes on the heels of a 0.5 percent decline the week prior. The weekly US Gulf Coast bar fuel surcharge rose 1.3 percent to $0.52 per mile after falling 0.1 percent during the previous week. The weekly US Midwest bar fuel surcharge rose 0.6 percent to $0.55 per mile after falling 0.4 percent during the previous week.

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Chinese rebar prices were off slightly at CNY 3,370 ($538.94) per metric ton, down from CNY 3,420 ($548.98) a week ago. Following a steady week, prices for the Chinese low price of 62% Australian iron ore fines closed flat at CNY 970.00 ($155.13) per dry metric ton. At $396.00 per short ton, the week finished with no movement for US shredded scrap. Following a steady week, prices for Chinese H-beam steel closed flat at CNY 3,300 ($527.75) per metric ton.

Chinese aluminum bar remained essentially flat from the previous week at CNY 14,200 ($2,271) per metric ton. Prices for European 1050 aluminum remained constant, closing the week at EUR 2,052 ($2,825) 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. 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.

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