Shanghai rebar steel futures fell more than 10 percent this week to a record low, under pressure from a weak housing market in China and excess supply that has sliced nearly a quarter off prices this year.
Prices of rebar have been hitting record lows regularly since mid-August, prompting Chinese mills to cut production late last month.
A 10.6 percent decline in Chinese rebar made it the biggest mover of the week, closing at CNY 2,880 ($468.90) per metric ton on the weekly Construction MMI®. Following a 0.3 percent increase in the week prior, the price of US shredded scrap fell 0.3 percent last week to $381.00 per short ton. The Chinese low price of 62% Australian iron ore fines traded sideways last week, hovering around CNY 970.00 ($157.93) per dry metric ton. Prices for Chinese H-beam steel remained constant, closing the week at CNY 3,230 ($525.88) per metric ton.
Chinese aluminum bar traded sideways last week, hovering around CNY 14,200 ($2,312) per metric ton. At EUR 2,489 ($3,215) per metric ton, the price of European 1050 aluminum did not change since the previous week.
The weekly US Gulf Coast bar fuel surcharge remained steady from the previous week at $0.50 per mile. This past week, the weekly US Rocky Mountain bar fuel surcharge kept quiet, holding at at $0.53 per mile. Following a steady week, prices for the weekly US Midwest bar fuel surcharge closed flat at $0.51 per mile.
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