This Morning in Metals: President Biden signs infrastructure bill

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This morning in metals news: U.S. President Joe Biden signed the over $1 trillion infrastructure bill into law Monday; meanwhile, import prices rose by 1.2% in October, the Bureau of Labor Statistics reported today; and, lastly, manufacturers’ and trade inventories increased in September.

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Biden signs infrastructure bill

city skyline

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In a ceremony Monday, President Joe Biden signed the infrastructure bill most recently passed by the House of Representatives on Nov. 5.

The bill, the Infrastructure Investment and Jobs Act, includes $550 million for infrastructure improvements, from roads and bridges to electric grid improvements.

“This law makes this the most significant investment in roads and bridges in the past 70 years,” Biden said during remarks on the South Lawn on Monday. “It makes the most significant investment in passenger rail in the past 50 years and in public transit ever.

“So, what — what that means is you’re going to be safer, and you’re going to get there faster, and we’re going to have a whole hell of a lot pollution — less pollution in the air.

“The bipartisan law will modernize our ports, our airports, our freight rail to make it easier for companies to get goods to market; reduce supply chain bottlenecks, as we’re experiencing now; and lower cost for you and your family.”

Import prices rise in September

Import prices rose by 1.2% in October, the Bureau of Labor Statistics reported today.

The gain follows a 0.4% jump in September.

Fuel prices jumped 8.6% in October after gaining by 3.9% in September.

Meanwhile, U.S. export prices rose by 1.5% in October after gaining by 0.4% in September.

Manufacturers’ sales, inventories rise in September

U.S. manufacturers’ and trade inventories reached an estimated $2,101.8 billion at the end of September, up 0.7% from the previous month, the Census Bureau reported.

Meanwhile, inventories increased by 7.5% from September 2020.

Meanwhile, distributive trade sales and manufacturers’ shipments reached $1,669.7 billion, up 0.9% from August.

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