Uncertainty surrounding the level of construction spending in China continued to hinder construction markets there, as rebar for construction was the biggest mover this week on the weekly Construction MMI®, dropping down 2.4%.
Despite the news out of China, there was plenty of positive domestic news that buoyed US construction materials prices.
A $7 billion replacement oil pipeline moved forward this week. Enbridge Pipeline announced plans to replace 1,000 miles of its 50-year-old pipeline that runs from Alberta, Canada, through North Dakota, Minnesota and Wisconsin. While the pipeline project has been approved by Minnesota’s Office of Pipeline Safety, it still must get other permits before the construction can start in 2015, according to Valley News Live of Fargo/Grand Forks, ND. Completion is planned for 2017.
More Metal Prices from the IndX℠
The Chinese low price of 62% Australian iron ore fines stayed essentially flat. US shredded scrap remained essentially flat from the previous week. Chinese H-beam steel traded sideways last week. Chinese aluminum bar remained unchanged for the week. Following a steady week, prices for European 1050 aluminum closed flat.
The weekly US Gulf Coast bar fuel surcharge rose 0.8 percent to $0.52 per mile after falling 0.5 percent during the previous week. Closing out the third week of rising prices, the weekly US Rocky Mountain bar fuel surcharge increased by 0.6 percent. The weekly US Midwest bar fuel surcharge saw a 0.2 percent drop this week.
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.