Ferrous scrap prices seem to have hit a bottom this year in North America, but the price spread between raw material costs - especially ferrous scrap for rebar - and the price of steel products is expected to remain at high levels, Gerdau chief executive officer Gustavo Werneck said on Wednesday October 30.
According to the executive, at $502 per short ton, the United States' metal spread reached its highest historical level in March this year. That spread gradually retreated throughout 2019 and stood recently at $470 per short ton, he continued, speaking during the company's third-quarter earnings conference call."Going forward, we expect some stability for the metal spread, remaining close to the current high levels in...