The price of a steel product used in cars and construction hit an all-time high as Biden marches forward with $579 billion infrastructure plan

• The price of a key steel product used in construction and car manufacturing hit a record high Monday.
• Hot-rolled coil for July delivery rose as much as 0.7% to a record $1,801 a short ton in New York after more than tripling over the last year.
• Investors are betting Biden's infrastructure spending on roads and bridges will boost steel demand.

The price of a key steel product used in construction and car manufacturing hit a record high Monday as Biden marches ahead with his infrastructure spending plan.

Hot-rolled coil for July delivery rose as much as 0.7% to a record $1,801 a short ton in New York. Prices are up roughly 2.6% after the president secured a bipartisan infrastructure deal on Thursday.

Prices have more than tripled over the last year a part of a broader commodities rally. Investors have also bid up copper and iron ore in a bet that massive US spending to rebuild railroads, highways, and bridges will boost demand for metals.

On Thursday Biden threw his support behind a $1 trillion infrastructure deal negotiated by a group of Senate Republicans and Democrats. The framework, made public on Thursday after the White House meeting, includes funding for physical infrastructure such as roads and bridges. About $579 billion would constitute new spending beyond existing programs.