Steel Fund Rises 0.68% as CSN Falls 3.5% | Steel, Oct 16
The SLX steel fund rose 0.68% on Friday 16 October as Nucor gained 0.63% and Ternium 0.39%, while Brazil’s CSN fell 3.48% in New York. The post Steel Fund Rises 0.68% as CSN Falls 3.5% | Steel, Oct 16 appeared first on The Rio Times .
Steel prices climbed slightly on Friday, 16 October. The SLX steel fund increased 0.68% to reach US$102.45, while Nucor, the leading US steel producer, rose 0.63% to US$256.29. Latin American steelmakers experienced mixed results. Ternium, operating in Mexico and Argentina, climbed 0.39% to US$57.10, whereas Brazil's CSN dropped 3.48% to US$1.11 and Gerdau fell 0.59% to US$5.02.
Iron ore prices rebounded following a two-year low, driven by increased buying and signs of improved steel margins and demand in China. This positive development supported steel shares, although Brazilian producers faced challenges, partly due to local factors. The Nasdaq fell 2.14% due to concerns over spending on artificial intelligence, but steel shares managed to outperform technology stocks.
The article highlights that the rising steel fund suggests steady demand for steel shares, while the decline of Brazilian producers indicates that local factors are influencing their performance. The sources did not provide a single cause for the market movements. As of the close of trading, the SLX fund was at US$102.45, Nucor at US$256.29, Ternium at US$57.10, Gerdau at US$5.02, and CSN at US$1.11. All figures were based on New York closing prices.
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