Via Metal Miner The Construction MMI Monthly Metals Index continued to hold sideways month-over-month, without significant bullish or bearish pressure on industrial metals. Overall, the index saw a slight 2.56% uptick in price action. However, it failed to break out of its 10-month-long sideways price range. Weekly Midwest bar fuel surcharges dropped significantly, which pulled the index down. However, Chinese steel rebar witnessed a price increase, pulling the index up.
However, this change also adds to the worldwide glut, which drives down costs. For example, aluminum prices continue to fall despite a general upswing in industrial metals, mainly because China is not a strong buyer. Optimism for Growth in the U.S. Construction Industry Regarding the rise of the construction industry in the remainder of 2024, contractors remain confident. This optimism results from several factors.