Lawyers for MGM Resorts International and Tutor Perini Corp. have begun selecting jurors for the civil trial over whether Perini and its subcontractors or MGM breached their contract in building the Harmon Hotel at MGM’s CityCenter property in Las Vegas. Construction on the hotel, designed by famed architect Norman Foster to be 48 stories tall, was halted at 26 stories when inspectors found structural problems, and it is now being dismantled. The $500 million suit pits the casino company against Perini, its subcontractors and other parties.
The trial could be precedent-setting in terms of finding fault in a project whose final construction documents were not completely finished at the beginning of construction.
Prices for Chinese rebar saw the biggest increase on the weekly Construction MMI® this week, rising 2.4% and settling at CNY 3,030 ($493.34) per metric ton. Closing at CNY 970.00 ($157.94) per dry metric ton, the Chinese low price of 62% Australian iron ore fines remained unchanged for the week. US shredded scrap prices held steady from the previous week at $361.00 per short ton. Prices for Chinese H-beam steel remained constant, closing the week at CNY 3,070 ($499.86) per metric ton.
Closing at CNY 14,200 ($2,312) per metric ton, Chinese aluminum bar remained unchanged for the week. European 1050 aluminum traded sideways last week, hovering around EUR 2,365 ($2,991) per metric ton.
The weekly US Gulf Coast bar fuel surcharge fell 1.1% over the past week to $0.47 per mile. This was the fourth week in a row of declining prices. The weekly US Rocky Mountain bar fuel surcharge fell 0.9% over the past week to $0.50 per mile. This was the fourth week in a row of declining prices. The weekly US Midwest bar fuel surcharge rose 0.2% to $0.48 per mile after falling 1.2% during the previous week.
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.