US ferrous scrap prices to remain stable in H2, Gerdau says

Ferrous scrap prices are expected to remain stable in the United States through the second half of the year, compared with the downward momentum during the first six months, despite the recent recovery in prices, Gerdau chief executive officer Gustavo Werneck said on Wednesday August 8.

While US scrap prices rebounded in the August trade, Werneck did not expect that upward movement to continue over the long term. “Our contracts don’t readjust for this recent scrap upturn, and we don’t expect the scrap price to increase significantly in the US,” Werneck said, speaking during a conference call with analysts and investors. “[Market participants] have been saying prices will go up for six months now, and we are not seeing it.” The Brazil-based steelmaker is set to keep reporting strong metal spreads in its North America division, in line with figures shown in...

Published

Renato Rostás

August 08, 2019

16:31 GMT

São Paulo