Chinese Rebar Down, Construction Hiring Was Up in 220 Metros

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US construction hiring  between April 2013 and April 2014 rose in 220 metro areas, dropped in 70 and remained the same in 49, according to an analysis by the Associated General Contractors of America. The AGC said, “signs that the federal government is again ready to invest in aging infrastructure should provide more stability for a construction industry that has yet to fully recover from its years-long downturn.”

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Steel truss work has started on the Minnesota Vikings’ new National Football League stadium in Minneapolis, while concrete placement is underway at the St. Paul Saints’ – part of the American Association of Independent Professional Baseball – new ballpark. Both projects are on track despite rainy weather. Meanwhile, the National Basketball Association’s Sacramento Kings in California has been give the green light to move forward with plans for a new stadium after the project’s financing plan was approved.

The week’s biggest mover on the weekly Construction MMI® was the price of Chinese rebar, which saw a 1.8 percent decline to CNY 3,190 ($511.44) per metric ton. This week marked the third in a row of declining prices for the metal. The price of US shredded scrap fell 1.3 percent to $385.00 per short ton after rising 0.3 percent the week before. At CNY 970.00 ($155.51) 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 3,230 ($517.85) per metric ton.

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Prices for Chinese aluminum bar remained constant, closing the week at CNY 14,200 ($2,277) per metric ton. 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 traded sideways last week, hovering around $0.52 per mile. Following a steady week, prices for the weekly US Rocky Mountain bar fuel surcharge closed flat at $0.55 per mile. The weekly US Midwest bar fuel surcharge remained steady from the previous week at $0.54 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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