Employers reported increasing wages in the second quarter and optimism about the future of the economy, according to research from the National Association for Business Economics. “We’ve been hearing for the past year about companies having trouble finding workers,” said Ken Simonson, Associated General Contractors of America’s chief economist. “I do expect that at some point this year, we’ll see an acceleration in wage increases.”
Chinese steelmaker Shagang Group announced it will hold its wire rod and rebar prices unchanged for deliveries in late July.
After the adjustment, its prices for HRB400 rebar with diameters of 14 mm to 25 mm is at CNY 3,200 per ton.
With a 1.9 percent increase over the past week, Chinese rebar was the biggest mover on the weekly Construction MMI®. US shredded scrap prices ticked up 0.3 percent over the past week to $374.00 per short ton. The Chinese low price of 62% Australian iron ore fines traded sideways last week, hovering around CNY 970.00 ($156.23) per dry metric ton. At CNY 3,230 ($520.22) per metric ton, the price of Chinese H-beam steel did not change since the previous week.
Chinese aluminum bar remained essentially flat from the previous week at CNY 14,200 ($2,287) per metric ton. At EUR 2,236 ($3,042) per metric ton, the week finished with no movement for European 1050 aluminum.
The weekly US Midwest bar fuel surcharge dropped 1.0 percent this week, closing out the third consecutive week of falling prices at $0.52 per mile. Since last week, the price of the weekly US Gulf Coast bar fuel surcharge fell to $0.51 per mile after moving 0.5 percent. The weekly US Rocky Mountain bar fuel surcharge fell 0.3 percent for the week to settle 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.