Lending for home construction slowed its growth in the fourth quarter, underscoring that the home-building recovery remains restrained.
Outstanding loans for construction of residential projects of one to four units by lenders backed by the Federal Deposit Insurance Corp. totaled $51.2 billion in the fourth quarter, up 2.3% from the third, FDIC data released Tuesday show. That increase is smaller than the 3.8% gain in the third quarter and the 5.3% gain in the second.
Closing at $0.32 per short ton, a 2.1% increase made the weekly US Midwest bar fuel surcharge the week’s biggest mover on the weekly Construction MMI®. Last week, the weekly US Gulf Coast bar fuel surcharge shifted slightly, rising by 0.8% to close at $0.32 per mile. The weekly US Rocky Mountain bar fuel surcharge fell 0.5% over the past week to $0.31 per mile. This was the fourth week in a row of declining prices.
The Chinese low price of 62% Australian iron ore fines closed at CNY 480.00 ($76.70) per dry metric ton after a flat week. US shredded scrap traded sideways last week, hovering around $247.00 per short ton. Prices for Chinese H-beam steel remained constant, closing the week at CNY 2,290 ($365.95) per metric ton. Closing at CNY 2,480 ($396.31) per metric ton, Chinese rebar remained unchanged for the week.
At CNY 13,700 ($2,189) per metric ton, the week finished with no movement for Chinese aluminum bar. European 1050 aluminum prices held steady from the previous week at EUR 2,617 ($2,974) per metric ton.
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.