The House of Representatives has passed the $584.2 billion Defense Authorization Act.
Among other things, the act makes several federal contracting processes, including design-build projects, simpler. It also prohibits single-bid auctions and authorizes $341 million for the construction of the Mixed Oxide Fuel Fabrication Facility at the Department of Energy’s Savannah River Site in South Carolina.
The $584.2 billion bill is $48 billion less than the fiscal 2014 legislation, and covers everything from a 1% boost in military pay to funds to fight the Islamic State group and other terrorist organizations. It also includes funding for a massive federal information technology reform
The week’s biggest mover on the weekly Construction MMI® was the price of Chinese H-beam steel, which saw a 8.0% decline to CNY 3,000 ($485.87) per metric ton. This comes on the heels of a 14.0% increase the week before. The price of Chinese rebar fell 8.0% to CNY 2,890 ($468.05) per metric ton after rising 3.3% the week before. The Chinese low price of 62% Australian iron ore fines traded sideways last week, hovering around CNY 970.00 ($157.10) per dry metric ton. Prices for US shredded scrap remained constant, closing the week at $328.00 per short ton.
Following a 2.2% increase in the week prior, the price of Chinese aluminum bar fell 1.1% last week to CNY 14,350 ($2,324) per metric ton. European 1050 aluminum traded sideways last week, hovering around EUR 2,613 ($3,218) per metric ton.
The weekly US Midwest bar fuel surcharge fell to $0.48 per mile, a 3.2% change from the prior week. The weekly US Gulf Coast bar fuel surcharge fell 2.9% over the past week to $0.44 per mile. This was the third week in a row of declining prices. Closing out the third week of declining prices, the weekly US Rocky Mountain bar fuel surcharge dropped by 2.9%, finishing at $0.49 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.