Steel Fund Gains 0.42% as Gerdau Rises 2.2% | Steel, Oct 19
Key Facts
- The SLX steel fund rose 0.42% to US$102.88 on Monday 19 October, while Gerdau gained 2.19% to US$5.13 and Ternium 1.86% to US$58.16.
- CSN’s US-listed shares rose 1.80% to US$1.13, a small move for a flat-steel producer.
- Gerdau is a leading Brazilian steelmaker and Ternium a leading Mexican one, so the two shares show how Latin American steel is faring.
- The World Steel Association expects global steel demand of 1.72 billion tonnes in 2026, practically unchanged, with growth of 1.7% to 1.75 billion tonnes forecast for 2027.
Today’s Focus
Steel shares rose on Monday 19 October. The SLX fund gained 0.42% to US$102.88, while Gerdau rose 2.19% and Ternium 1.86%.
Both Gerdau and Ternium sell mainly to builders and carmakers in their home markets. CSN’s US-listed shares gained 1.80%.
The world steel body expects no growth in global demand in 2026. China’s third-quarter growth of 4.5% still beat the 4.4% forecast.
What matters today. Latin American steel shares rose together, but the industry’s demand outlook is flat.
01 The session in one read
Steel shares were firmer across the region on Monday. Gerdau led with a gain of 2.19%, followed by Ternium with 1.86% and CSN with 1.80%.
The SLX fund, which holds steel producers from many countries, rose 0.42%. Latin American names therefore did better than the global group.
The shares rose together, with Gerdau leading, but the world steel body expects practically no demand growth this year. That means the gains rest on company and market factors more than on a demand upturn. The variable to watch is whether Chinese data keep beating forecasts.
02 The board
The SLX fund settled at US$102.88, up 0.42%. Gerdau closed at US$5.13, up 2.19%.
CSN’s US-listed shares ended at US$1.13, up 1.80%, and Ternium at US$58.16, up 1.86%. All are equity proxies and not steel prices.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX ETF) | US$102.88 | +0.42% |
| Gerdau | US$5.13 | +2.19% |
| CSN (ADR) | US$1.13 | +1.80% |
| Ternium | US$58.16 | +1.86% |
Source: RT close, 2026-10-19. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 176,608.23 | -13.88% | +20.17% | 205,082.56 | — | — | — |
| IPSA | 10,575.59 | -1.59% | — | 10,746.36 | 10,642 | 10,457 | — |
| IPC MEX | 69,470.99 | -0.58% | +12.30% | 69,879.62 | — | — | — |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,505.04 | -1.38% | — | — | — | — | — |
| USD/BRL | 5.41 | -0.12% | +0.38% | 5.42 | 5.42 | 5.37 | — |
| EUR/BRL | 6.04 | +9.04% | -3.54% | 5.54 | 6.04 | 6.00 | — |
| USD/MXN | 18.63 | +0.33% | +1.15% | 18.57 | 18.63 | 18.54 | — |
| USD/CLP | 988.80 | -0.03% | +6.20% | 989.13 | 991.87 | 988.40 | — |
| USD/COP | 3,129 | +2.39% | -18.49% | 3,056 | 3,147 | 3,129 | — |
| USD/PEN | 3.44 | -0.01% | +3.65% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,541 | -0.02% | +4.04% | 1,541 | 1,541 | 1,541 | — |
| USD/UYU | 40.08 | +3.22% | +1.94% | 38.83 | 40.08 | 40.08 | — |
| USD/PYG | 5,735 | +2.55% | -17.53% | 5,592 | 5,735 | 5,735 | — |
| USD/BOB | 11.82 | +3.62% | +75.69% | 11.41 | 11.82 | 11.82 | — |
| USD/DOP | 61.14 | +2.83% | -3.39% | 59.45 | 61.14 | 60.35 | — |
| USD/CRC | 450.04 | +1.86% | -8.05% | 441.83 | 450.04 | 450.04 | — |
| USD/GTQ | 7.64 | +3.18% | +2.13% | 7.40 | 7.64 | 7.64 | — |
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03 What moved it
The strongest outside news came from China, the largest steel producer. China’s economy grew 4.5% in the third quarter from a year earlier, against a forecast of 4.4% and 4.3% in the previous quarter. Compared with the previous quarter, the growth rate was 1.2%, against 1.1% expected.
September industrial production rose 5.5% from a year earlier, against a forecast of 5.4%, and retail sales rose 1.1%, against 0.5% expected. Unemployment came in at 5.2%, down from 5.3% in August.
04 The Latin American read
Gerdau and CSN are major Brazilian producers, and Ternium is a major Mexican one. Their results depend on building, cars and the strength of imports.
Steelmakers across the region have long complained about imports. We could not verify this month’s import data, so we do not quote any.
05 The names to watch
Gerdau is the most widely held of the three among US investors, and its shares trade in New York. Ternium also trades in New York.
CSN is a Brazilian steel group whose US-listed shares trade at a low price. Moves in such shares can look large in percentage terms.
06 The outlook
The World Steel Association, in its 12 October outlook, expects global demand of 1.722 billion tonnes in 2026, practically unchanged. It forecasts growth of 1.7% to 1.752 billion tonnes in 2027.
That makes 2027 the earliest realistic year for a broad recovery. Until then the shares are likely to follow company news and trade policy.
07 What to watch
- Chinese data: Industrial output and property figures set the global tone for steel.
- Gerdau and Ternium: Their next results will show whether margins are holding.
- Trade policy: Tariffs and import rules can change prices quickly.
- SLX: Watch whether Latin American shares keep beating the global fund.
Background: Steel Fund Rises 0.68% as CSN Falls 3.5%.
Background: Iron Ore Rebounds to US$90.85 as Vale Gains 0.3%.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
What happened to steel shares on Monday 19 October?
The SLX fund rose 0.42% to US$102.88. Gerdau rose 2.19% and Ternium 1.86%.
Which companies are the main Latin American steelmakers?
Gerdau and CSN are the main Brazilian producers. Ternium is the largest steelmaker in Mexico.
What does the World Steel Association expect?
It expects global demand of 1.72 billion tonnes in 2026, practically unchanged. It forecasts growth of 1.7% in 2027.
Is SLX the same as the steel price?
No. SLX holds steel producers’ shares, so it follows the companies and not a steel price.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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