A $10.5 billion plan that would extend transportation funding through May 31 has been proposed by the House Ways and Means Committee. The bill would be financed through “pension smoothing” and customs fees. ” While it doesn’t provide as much funding as Rep. Dave Camp (R-Mich.), the committee’s chairman, said he would like, it is “enough to get through the end of next year – it does give Congress and the tax-writing committees ample time to consider a more long-term solution to the Highway Trust Fund,” Camp told The Hill.
The GOP proposal comes as lawmakers scramble to come up with a way to replenish the Department of Transportation’s depleted Highway Trust Fund before a predicted August bankruptcy date.
The week’s biggest mover on the weekly Construction MMI® was the weekly US Gulf Coast bar fuel surcharge, which saw a 0.5 percent decline to $0.52 per short ton. This comes on the heels of a 0.1 percent increase the week before. The weekly US Rocky Mountain bar fuel surcharge fell 0.3 percent to $0.54 per mile after rising 0.1 percent the week before. At $0.53 per mile, the weekly US Midwest bar fuel surcharge finished the week down 0.3 percent.
Following a steady week, prices for the Chinese low price of 62% Australian iron ore fines closed flat at CNY 970.00 ($156.34) per dry metric ton. Following a steady week, prices for US shredded scrap closed flat at $370.00 per short ton. Prices for Chinese H-beam steel remained constant, closing the week at CNY 3,230 ($520.58) per metric ton. Closing at CNY 3,180 ($512.52) per metric ton, Chinese rebar remained unchanged for the week.
Chinese aluminum bar remained essentially flat from the previous week at CNY 14,200 ($2,289) per metric ton. European 1050 aluminum prices held steady from the previous week at EUR 2,236 ($3,042) 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.