Brazil Infrastructure Projects Will Boost Steel Demand, Says Gerdau CEO
Gerdau SA is seeing a good year and remains positive for the next, thanks to demand from Brazil.
“Demand for steel products inBrazil will rise next year thanks to a series of infrastructure projects, including the sale of rights to operate airports, roads and railways, André Gerdau-Johannpeter, chief executive officer of Gerdau SA, the nation’s largest steelmaker, said on Thursday,” reports Reuters.
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“The company is optimistic about the outlook for the steel industry in North America for next year, Gerdau-Johannpeter told reporters at a conference call to discuss third-quarter earnings.”
The 3-month price of the US HRC futures contract saw the biggest increase on the weekly Raw Steels MMI® this week, rising 0.8 percent. US shredded scrap remained essentially flat from the previous week. The spot price of the US HRC futures contract traded sideways last week.
Korean steel scrap saw a 1.6 percent decline this week, making it the week’s biggest mover on the weekly Raw Steels MMI®. Following a steady week, prices for Korean pig iron closed flat.
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Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India was range bound. Chinese slab saw a 0.6 percent decline over the past week. Chinese HRC fell 0.9 percent over the past week. Chinese coking coal remained unchanged for the week.
This past week, the steel billet 3-month price kept quiet, holding at on the LME at $230.00 per metric ton. At $215.00 per metric ton, the cash price of steel billet remained essentially flat on the LME.
The 3-month price of the US HRC futures contract rose 0.8 percent over the past week to $655.00 per short ton. The price of US shredded scrap did not change since the previous week. Following a steady week, prices for the US HRC futures contract spot price closed flat at $651.00 per short ton.
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