Steel ETF Gains 1.8% as Gerdau Jumps 4.1% | Steel, Oct 9
The steel fund SLX rose 1.81% on 9 October as Brazil's Gerdau gained 4.07% and Mexico's Ternium 3.03%, though Chinese mill margins stay thin. The post Steel ETF Gains 1.8% as Gerdau Jumps 4.1% | Steel, Oct 9 appeared first on The Rio Times .
On October 9, steel stocks experienced a rise as markets rallied. The Steel Select ETF (SLX) increased by 1.81%, reaching US$103.80. Latin American producers, such as Gerdau, CSN, and Ternium, outperformed the fund. Gerdau, Brazil's largest steelmaker, saw a 4.07% rise in New York, while CSN gained 4.07% and Ternium gained 3.03%.
Despite weak Chinese demand, the gains in steel stocks were observed. Kitco reported that only a small portion of Chinese steelmakers were profitable, indicating that Chinese mills may continue to export at low prices.
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