Construction employment projections are increasing, according to reports from the National Center for the Middle Market and the Bureau of Labor Statistics. Terry Segerberg, CEO of Mesa Industries, told the Washington Post she thinks nonresidential building projects are fueling the increase and the orders her firm has received for materials and equipment support the reports of growth.
One result of last night’s elections could be approval of the Keystone XL Pipeline. The Senate is expected to have at least 61 votes for a bill after Republicans swept to a majority in the upper chamber. That would grant approval to the Keystone XL after the cost to build the 1,179-mile-long pipeline has ballooned 48% during the 6 years it has been blocked by President Obama and Senate democrats.
European 1050 aluminum improved by 5.5%, reaching EUR 2,496 ($3,156) per metric ton on the weekly Construction MMI®. Chinese aluminum bar remained essentially flat from the previous week at CNY 14,200 ($2,312) per metric ton.
US shredded scrap saw a 3.0% drop-off this week to end at $350.00 per short ton. At CNY 970.00 ($157.94) per dry metric ton, the Chinese low price of 62% Australian iron ore fines remained essentially flat. Following a steady week, prices for Chinese H-beam steel closed flat at CNY 3,070 ($499.86) per metric ton. Prices for Chinese rebar remained constant, closing the week at CNY 3,030 ($493.34) per metric ton.
The weekly US Gulf Coast bar fuel surcharge dropped 1.3% this week, closing out the third consecutive week of falling prices at $0.46 per mile. Last week, the weekly US Midwest bar fuel surcharge shifted slightly, rising by 0.5% to close at $0.48 per mile. The weekly US Rocky Mountain bar fuel surcharge stayed essentially flat at $0.50 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.