Israeli PM Rethinking Construction Plans; Chinese Rebar Up 3.9% For Week

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Israeli Prime Minister, Benjamin Netanyahu, “has ordered his housing minister to reconsider construction plans for more than 20,000 homes in the West Bank,” reports Reuters.

“He said the plans, announced by Housing Minister Uri Ariel earlier on Tuesday, would create unnecessary friction with the international community.”

“The prime minister added that such a move would make no contribution to Jewish settlements and ‘creates an unnecessary confrontation with the international community at a time when we are making an effort to persuade elements in the international community to reach a better deal with Iran.'”

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Chinese rebar improved by 3.9 percent on the weekly Construction MMI®. Over the past week, US shredded scrap rose 3.1 percent. Following a 1.2 percent increase, Chinese H-beam steel finished the week. The Chinese low price of 62% Australian iron ore fines traded sideways last week.

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Following a steady week, prices for Chinese aluminum bar closed flat. European 1050 aluminum remained essentially flat from the previous week.

The weekly US bar fuel surcharges have not yet been updated due to Veterans Day – check the MetalMiner IndX for the new surcharges later 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.