Total construction spending for May reached $956 billion, a 0.1% increase over April and 6.6% compared with the same period last year, according to the Associated General Contractors of America.
“The May figures show that construction activity continues to expand, but with lots of variability by month and project type,” said Ken Simonson, chief economist of the AGC. And the increase in spending may be an outcome of higher costs, according to consulting firm Rider Levett Bucknall.
The week’s biggest mover on the weekly Construction MMI®, Chinese rebar jumped 1.3 percent to close at CNY 3,220 ($518.87) per metric ton. Closing at $373.00 per short ton for the week, US shredded scrap rose by a slight 0.8 percent. The Chinese low price of 62% Australian iron ore fines stayed essentially flat at CNY 970.00 ($156.30) per dry metric ton. At CNY 3,230 ($520.48) per metric ton, the week finished with no movement for Chinese H-beam steel.
Chinese aluminum bar prices held steady from the previous week at CNY 14,200 ($2,288) per metric ton. Closing at EUR 2,236 ($3,042) per metric ton, European 1050 aluminum remained unchanged for the week.
The weekly US Midwest bar fuel surcharge closed last week at $0.53 per mile, after a 0.9 percent drop. 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 Rocky Mountain bar fuel surcharge saw a 0.5 percent drop this week, closing 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.