The nation’s first electromagnetic (MAGLEV) suspension rail line could be built in Orlando, Fla., after the state, this week, approved the plans of American Maglev Technology, who plans to build the 13.8-mile long line between the airport and convention center. The line would use “lightweight cars which glide one-centimeter above a steel guide rail through counter-acting forces of 24 electro-magnets and gravity,” according to this report. The $300 million, privately funded project could break ground this year.
Steel reinforcing bar futures in Shanghai dropped to the lowest closing level ever last week. The contract for delivery in October on the Shanghai Futures Exchange fell 0.9% to 3,195 CNY ($513 a metric ton).
The spot price fared no better. After drifting 1.5 percent, Chinese rebar dropped to CNY 3,250 ($521.12) per metric ton making it the biggest mover on the weekly Construction MMI® this week. MetalMiner Co-Founder Stuart Burns examined rebar and steel’s plight in a piece this week detailing the supply surplus issues.
The price of US shredded scrap rose 0.3 percent to $390.00 per short ton after falling 1.5 percent during the previous week. The Chinese low price of 62% Australian iron ore fines closed at CNY 970.00 ($155.53) per dry metric ton after a flat week. At CNY 3,230 ($517.91) per metric ton, the price of Chinese H-beam steel did not change since the previous week.
Following a steady week, prices for Chinese aluminum bar closed flat at CNY 14,200 ($2,277) per metric ton. European 1050 aluminum prices held steady from the previous week at EUR 2,088 ($2,890) per metric ton.
Since last week, the price of the weekly US Midwest bar fuel surcharge fell to $0.54 per mile after moving 0.7 percent. The weekly US Rocky Mountain bar fuel surcharge declined to $0.55 per mile after drifting 0.6 percent since last week. Following a 0.2 percent drop, the weekly US Gulf Coast bar fuel surcharge finished the week at $0.52 per mile.
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