From The Rio Times · Diego Fernández · · 1m 20s
Steel ETF Gains 1.8% as Gerdau Jumps 4.1%
Steel ETF SLX rises 1.81% as Gerdau and CSN surge 4.07% on Friday.
In brief
Steel ETF SLX rises 1.81% as Gerdau and CSN surge 4.07% on Friday. Steel ETF SLX rose 1.81% to US$103.80 on Friday 9 October as Gerdau gained 4.07% to US$5.12. Originally reported by The Rio Times.
Steel ETF SLX
The steel fund SLX rose 1.81% to US$103.80 on Friday 9 October, up 0.26% on the week.
Gerdau and CSN
Brazil’s Gerdau gained 4.07% to US$5.12 and CSN 4.07% to US$1.28.
Ternium and Global Steelmakers
Ternium rose 3.03% to US$58.18. ArcelorMittal rose 4.58%, Cleveland-Cliffs 6.48% and Nucor 1.70%.
Chinese Steel Pressure
Kitco reported only a small minority of Chinese steelmakers were profitable, a sign of weak demand.
Market Context
The S&P 500 rose 0.59% and the Brazilian market hit a record on Friday 9 October.
Regional Impact
Latin American steel producers saw gains as the Ibovespa rose 1.38% with 80% of names advancing.
Key Players
Gerdau is Brazil’s largest steelmaker, CSN makes flat steel and mines iron ore, Ternium operates in Mexico and Argentina.
Outlook
Steel shares depend on construction demand, interest rates and Chinese exports.
What to Watch
Brazilian interest rates, Chinese exports, iron ore prices and Mexican trade policy are key factors.
The key point
Steel ETF SLX rose 1.81% to US$103.80 on Friday 9 October as Gerdau gained 4.07% to US$5.12.
