Construction materials were generally up this week as steel H-beams, rebar and architectural aluminum all posted gains.
US construction spending rose more than expected in October as both private and public outlays increased. Construction spending rose 1.1%, the largest gain since May, to an annual rate of $970.99 billion, the Commerce Department said.
Chinese H-beam steel saw the largest upwards shift on the weekly Construction MMI®, rising 14.0% to settle at CNY 3,260 ($529.67) per metric ton. US shredded scrap weakened by 4.4% to land at $328.00 per short ton. With a 3.3% climb, Chinese rebar claimed the week’s largest gain, settling at CNY 3,140 ($510.18) per metric ton. The Chinese low price of 62% Australian iron ore fines closed at CNY 970.00 ($157.60) per dry metric ton after a flat week.
European 1050 aluminum rose 4.7% over the past week to EUR 2,613 ($3,268) per metric ton. The price of Chinese aluminum bar increased by a slight 2.2% over the past week to CNY 14,510 ($2,358) per metric ton.
With a 1.6% decrease, the weekly US Midwest bar fuel surcharge closed the week at $0.50 per mile. Following a 0.5% drop, the weekly US Rocky Mountain bar fuel surcharge finished the week at $0.50 per mile. Since last week, the price of the weekly US Gulf Coast bar fuel surcharge fell to $0.46 per mile after moving 0.4%.
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.