After enduring years of stalled, abandoned construction projects, “things are moving fast,” in Las Vegas’ construction scene, according to John Matt Stater, research manager for brokerage Colliers International, as quoted by Bloomberg News. Rental complexes are being built as are entertainment venues. And, MGM and AEG are building a $375 million, 20,000-seat sporting events arena.
Low steel and copper prices are helping US contractors acquire large volumes of those construction materials for their summer projects. President Obama also signed the $12.3 billion Water Resources Reform and Development Act of 2014 on Tuesday, a bill that will fund navigation, flood-risk management, storm damage risk reduction and environmental protection are some of the projects to be funded by the bill over the next decade. It will fund civil engineering projects that will deepen ports for bigger ships and cut costs for exporters as well.
After falling 3.6 percent, US shredded scrap landed at $371.00 per short ton and making it the week’s biggest mover on the weekly Construction MMI®. Following a 0.6 percent increase in the week prior, the price of Chinese rebar fell 0.9 percent last week to CNY 3,180 ($509.55) per metric ton. The Chinese low price of 62% Australian iron ore fines stayed essentially flat at CNY 970.00 ($155.43) per dry metric ton. Chinese H-beam steel traded sideways last week, hovering around CNY 3,230 ($517.56) per metric ton.
Chinese aluminum bar prices held steady from the previous week at CNY 14,200 ($2,275) per metric ton. At EUR 2,139 ($2,922) per metric ton, the week finished with no movement for European 1050 aluminum.
Closing at $0.51 per mile, the weekly US Gulf Coast bar fuel surcharge remained unchanged for the week. The weekly US Rocky Mountain bar fuel surcharge remained steady from the previous week at $0.55 per mile. Following a steady week, prices for the weekly US Midwest bar fuel surcharge closed flat at $0.53 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.