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Construction MMI: U.S.’s November construction spending rises

The Construction Monthly Metals Index (MMI) ticked up 5.8% this month, as U.S. construction spending rose in November. Become part of the MetalMiner LinkedIn group and stay connected to trends we’re…

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The Construction Monthly Metals Index (MMI) ticked up 5.8% this month, as U.S. construction spending rose in November.

January 2021 Construction MMI chart

Become part of the MetalMiner LinkedIn group and stay connected to trends we’re watching and interesting metal facts.

U.S. construction spending

U.S. construction spending reached a seasonally adjusted annual rate of $1,459.4 billion in November, the Census Bureau reported this week.

The November rate marked a 0.9% increase from the previous month. Furthermore, the rate increased 3.8% year over year.

Meanwhile, construction spending through the first 11 months of 2020 totaled $1,314.1 billion, up 4.4% compared with the first 11 months of 2019.

Meanwhile, private construction reached a rate of $1,111.8 billion, or up 1.2% from October. Under the umbrella of private construction, residential construction reached $658.1 billion in November, or up 2.7%. Nonresidential construction dipped 0.8% to $453.8 billion.

Public construction fell 0.2% to an estimated seasonally adjusted annual rate of $347.6 billion. Under public construction, educational construction rose 0.3% to $86.7 billion. Highway construction reached a rate of $97.5 billion, or up 1.8% from October.

ABI: billings fall for ninth consecutive month

Aside from construction spending, the Architecture Billings Index (ABI), released monthly by the American Institute of Architects, posted an index value of 46.5 in November.

The November value marked the ninth consecutive month of billings decline. Furthermore, the value fell from 47.5 the previous month. (Any index value less than 50 indicates billings decline.)

Furthermore, the design contracts index checked in at 48.6, down from 51.7 the previous month.

“The recent increase in COVID-19 cases over the last several weeks seems to have put a damper on the nascent recovery, and also appears to be reflected in a decline in the value of new design contracts in November, following their first increase since February last month,” the ABI report stated. “In addition, while inquiries into new work continued to rise, the pace of that growth slowed substantially from the previous two months. Together, these signs indicate that client interest in new projects has started to wane after more encouraging signs last month.”

By region, the Midwest led the way with an index value of 50.1 in November. The West checked in at 48.3, followed by the South (46.7) and Northeast (38.7).

Looking to the calendar year ahead, this month’s ABI survey asked architecture firms about their expectations for 2021 and their biggest concern for the year.

Of the respondents, 7% answered it will be a great year, while 39% predicted it will be a good year. Meanwhile, 25% said it will be a so-so year and 25% anticipate a “challenging” year. In addition, 4% indicated concern it could be a “disastrous” year for their business.

Why are some firms concerned?

Among top three concerns, 29% cited increasing firm profitability.

“The top concerns cited by firms were split fairly evenly between general concerns about running their business and concerns related to the impact of the COVID-19 pandemic,” the ABI report added. “Some of the other top concerns from last year, primarily related to issues around hiring and retaining staff, dropped off the list this year, amid the economic downturn and staff layoffs and furloughs.”

Pending home sales fall in November

Meanwhile, in the housing market, pending home sales fell 2.6% in November from the previous month, the National Association of Realtors (NAR) reported.

The November results marked the third consecutive month of declines.

However, pending home sales were up 16.4% from November 2019. Furthermore, the November Pending Home Sales Index reached 125.7, an all-time high for the month.

As noted earlier, private residential construction spending rose in November.

“The latest monthly decline is largely due to the shortage of inventory and fast-rising home prices,” said Lawrence Yun, NAR’s chief economist, in a release. “It is important to keep in mind that the current sales and prices are far stronger than a year ago.”

Actual metals prices and trends

Although U.S. construction spending gained in November, the world continues to grapple with ongoing economic uncertainty stemming from the coronavirus pandemic.

As for key construction materials, the Chinese rebar price jumped 12.5% month over month to $690.26 per metric ton as of Jan. 1. Meanwhile, the Chinese H-beam steel price ticked up 1.9% to $577.28 per metric ton.

The U.S. shredded scrap steel price surged 38.3% to $401 per short ton.

The European commercial 1050 aluminum sheet price held flat, gaining marginally to $2,722.00 per metric ton.

Chinese iron ore PB fines rose 1.9% to $81.25 per dry metric ton.

Do you know which market conditions are best with different steel contracting mechanisms? Check out our best practices on this topic

Source: http://feedproxy.google.com/~r/agmetalminer/~3/VCbhmGy89A8/

Metal

Daily iron ore prices CFR China – March 2, 2021

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Information Provided By:

SteelOrbis Elektronik Pazaryeri A.Ş. (“SteelOrbis”)
19 Mayıs Mahallesi, Atatürk Caddesi
Şeref Yazgan İş Merkezi, No: 72, Kat: 7, D: 18
Kozyatağı – 34736
Istanbul, Turkey

Trade Registration Number : 541892
MERSİS Number : 0470048178400014
Customer Relations Officer : Sinem Alpkaya
Tel : +90 216 468 10 50
Fax : +90 216 386 41 08

This Information Form has been drawn up in order to provide information to the customer (“Customer”) who seeks a free trial on an electronic environment for the purpose of benefiting from the services offered by the SteelOrbis website at “www.steelorbis.com” prior to acceptance of the Membership Contract, and it allows the Customer to gain clear information on the terms and conditions of the membership to be established as well as to review the text of the Contract in question.

The following successive steps shall be taken in order to establish a free trial:

– The Customer selects the “Free Trial” option on the home page at https://www.steelorbis.com.
– The Customer provides all information requested in the “Free Trial Application” form displayed on the screen and confirms it.
– SteelOrbis sends an account activation e-mail to the e-mail address of the Customer provided in the application form.
– The Customer clicks on the activation link sent to his/her e-mail address and activates his/her account. The website Membership Contract is presented to the Customer during the account activation process.

Storage of the Membership Contract:

You can either save the Membership Contract on your computer or make print-outs of it for storage. The Membership Contract accepted and confirmed by the Customer is not kept by SteelOrbis. You can always get access to the standard Membership Contract displayed on the website. However, as amendments may be made to the standard Contract, it may include some variations in comparison with the text approved by you. Accordingly, it may not be possible for you to access on the website the text you originally approved.

Data entry errors:

The information you should provide for membership application and the fields you should fill in are indicated during each step of the operation. You are obliged to provide such information. If you leave the required fields blank, the system will issue a warning. Please fill in all necessary fields. Prior to the completion of the operation, all data entered by you in the previous step will be displayed once more. Please make sure that the information provided by you is accurate and complete before finally confirming the operation; any missing or incorrect information should be completed or corrected. Any amendment or correction on the information provided by you after the confirmation may be performed by means of website logins after the establishment of the membership.

Our confidentiality policy:

Please click here to review our confidentiality policy.

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Trade with the Official CFD Partners of AC Milan
Source: https://www.steelorbis.com/steel-prices/steel-prices-market-analyses/scrap-and-raw-materials/daily-iron-ore-prices-cfr-china-_-march-2-2021-1188595.htm

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Metal

Turkey’s CRC prices pushed up further by limited supply, active demand

Turkey-based re-rollers have been enjoying improving demand for their products, specifically in the cold rolled coil (CRC) segment.

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Information Provided By:

SteelOrbis Elektronik Pazaryeri A.Ş. (“SteelOrbis”)
19 Mayıs Mahallesi, Atatürk Caddesi
Şeref Yazgan İş Merkezi, No: 72, Kat: 7, D: 18
Kozyatağı – 34736
Istanbul, Turkey

Trade Registration Number : 541892
MERSİS Number : 0470048178400014
Customer Relations Officer : Sinem Alpkaya
Tel : +90 216 468 10 50
Fax : +90 216 386 41 08

This Information Form has been drawn up in order to provide information to the customer (“Customer”) who seeks a free trial on an electronic environment for the purpose of benefiting from the services offered by the SteelOrbis website at “www.steelorbis.com” prior to acceptance of the Membership Contract, and it allows the Customer to gain clear information on the terms and conditions of the membership to be established as well as to review the text of the Contract in question.

The following successive steps shall be taken in order to establish a free trial:

– The Customer selects the “Free Trial” option on the home page at https://www.steelorbis.com.
– The Customer provides all information requested in the “Free Trial Application” form displayed on the screen and confirms it.
– SteelOrbis sends an account activation e-mail to the e-mail address of the Customer provided in the application form.
– The Customer clicks on the activation link sent to his/her e-mail address and activates his/her account. The website Membership Contract is presented to the Customer during the account activation process.

Storage of the Membership Contract:

You can either save the Membership Contract on your computer or make print-outs of it for storage. The Membership Contract accepted and confirmed by the Customer is not kept by SteelOrbis. You can always get access to the standard Membership Contract displayed on the website. However, as amendments may be made to the standard Contract, it may include some variations in comparison with the text approved by you. Accordingly, it may not be possible for you to access on the website the text you originally approved.

Data entry errors:

The information you should provide for membership application and the fields you should fill in are indicated during each step of the operation. You are obliged to provide such information. If you leave the required fields blank, the system will issue a warning. Please fill in all necessary fields. Prior to the completion of the operation, all data entered by you in the previous step will be displayed once more. Please make sure that the information provided by you is accurate and complete before finally confirming the operation; any missing or incorrect information should be completed or corrected. Any amendment or correction on the information provided by you after the confirmation may be performed by means of website logins after the establishment of the membership.

Our confidentiality policy:

Please click here to review our confidentiality policy.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.steelorbis.com/steel-prices/steel-prices-market-analyses/flats-and-slab/turkeys-crc-prices-pushed-up-further-by-limited-supply-active-demand-1188561.htm

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Metal

Slab prices in Asia higher, but demand still not strong

Prices for imported slabs in Asia have improved over the past week, supported by the uptrend in the flat steel segment, for HRC in particular.

Republished by Plato

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Information Provided By:

SteelOrbis Elektronik Pazaryeri A.Ş. (“SteelOrbis”)
19 Mayıs Mahallesi, Atatürk Caddesi
Şeref Yazgan İş Merkezi, No: 72, Kat: 7, D: 18
Kozyatağı – 34736
Istanbul, Turkey

Trade Registration Number : 541892
MERSİS Number : 0470048178400014
Customer Relations Officer : Sinem Alpkaya
Tel : +90 216 468 10 50
Fax : +90 216 386 41 08

This Information Form has been drawn up in order to provide information to the customer (“Customer”) who seeks a free trial on an electronic environment for the purpose of benefiting from the services offered by the SteelOrbis website at “www.steelorbis.com” prior to acceptance of the Membership Contract, and it allows the Customer to gain clear information on the terms and conditions of the membership to be established as well as to review the text of the Contract in question.

The following successive steps shall be taken in order to establish a free trial:

– The Customer selects the “Free Trial” option on the home page at https://www.steelorbis.com.
– The Customer provides all information requested in the “Free Trial Application” form displayed on the screen and confirms it.
– SteelOrbis sends an account activation e-mail to the e-mail address of the Customer provided in the application form.
– The Customer clicks on the activation link sent to his/her e-mail address and activates his/her account. The website Membership Contract is presented to the Customer during the account activation process.

Storage of the Membership Contract:

You can either save the Membership Contract on your computer or make print-outs of it for storage. The Membership Contract accepted and confirmed by the Customer is not kept by SteelOrbis. You can always get access to the standard Membership Contract displayed on the website. However, as amendments may be made to the standard Contract, it may include some variations in comparison with the text approved by you. Accordingly, it may not be possible for you to access on the website the text you originally approved.

Data entry errors:

The information you should provide for membership application and the fields you should fill in are indicated during each step of the operation. You are obliged to provide such information. If you leave the required fields blank, the system will issue a warning. Please fill in all necessary fields. Prior to the completion of the operation, all data entered by you in the previous step will be displayed once more. Please make sure that the information provided by you is accurate and complete before finally confirming the operation; any missing or incorrect information should be completed or corrected. Any amendment or correction on the information provided by you after the confirmation may be performed by means of website logins after the establishment of the membership.

Our confidentiality policy:

Please click here to review our confidentiality policy.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.steelorbis.com/steel-prices/steel-prices-market-analyses/flats-and-slab/slab-prices-in-asia-higher-but-demand-still-not-strong-1188581.htm

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