Obama Pushes Infrastructure, $302 Billion Transportation Construction Bill

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Work has officially started in Pennsylvania on the 13-mile-long second leg of the Southern Beltway project. This $550 million phase is part of the $788 million project that will construct 19 miles of highway. Work is scheduled for completion in 2019. It’s unclear whether a third, 12.5-mile-long leg worth $750 million will ever be built, the Pittsburgh Post-Gazette reported.

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Highway projects are finally taking off in the Northeast. President Barack Obama will be onsite at the $3.9 billion Tappan Zee Bridge project in New York today to push his infrastructure agenda. He is expected to urge members of the House to pass his $302 billion transportation-spending plan, and to “cut through red tape and expedite permitting decisions.” A White House official told Reuters.

Closing at $389.00 per short ton on the weekly Construction MMI®, US shredded scrap finished as the week’s biggest mover with a 1.5 percent decline. At CNY 3,300 ($529.04) per metric ton, the price of Chinese rebar finished the week down 1.2 percent. At CNY 970.00 ($155.51) per dry metric ton, the Chinese low price of 62% Australian iron ore fines remained essentially flat. Prices for Chinese H-beam steel remained constant, closing the week at CNY 3,230 ($517.82) per metric ton.

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At CNY 14,200 ($2,276) per metric ton, the price of Chinese aluminum bar did not change since the previous week. At EUR 2,088 ($2,890) per metric ton, the week finished with no movement for European 1050 aluminum.

The weekly US Gulf Coast bar fuel surcharge fell 0.6 percent for the week to settle at $0.52 per mile. The weekly US Midwest bar fuel surcharge closed last week at $0.54 per mile, after a 0.5 percent drop. With a 0.3 percent decrease, the weekly US Rocky Mountain bar fuel surcharge closed the week at $0.55 per mile.

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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