Steel Fund Rises 0.68% as CSN Falls 3.5% | Steel, Oct 16
Key Facts
- The SLX steel fund rose 0.68% to US$102.45 on Friday 16 October, with Nucor up 0.63% to US$256.29 and Ternium up 0.39% to US$57.10.
- Brazil’s CSN fell 3.48% to US$1.11 in New York and Gerdau fell 0.59% to US$5.02.
- Iron ore, steel’s main raw material, rebounded 1.11% to US$90.85 a tonne, on signs of better steel margins in China.
- The Nasdaq fell 2.14%, while steel shares held up better than technology.
Today’s Focus
Steel shares edged higher on Friday 16 October. The SLX steel fund rose 0.68% to US$102.45, and Nucor, the largest US steelmaker by output, gained 0.63% to US$256.29.
Latin American producers split. Ternium, which makes steel in Mexico and Argentina, rose 0.39% to US$57.10, while Brazil’s CSN fell 3.48% to US$1.11 and Gerdau fell 0.59% to US$5.02.
Iron ore rebounded after a two-year low, and Business Recorder linked the move to improving steel margins in China. Better margins support steel producers, but they also mean costlier raw material.
What matters today. For US investors steel is a read on construction, autos and tariffs, and Friday showed Mexican exposure holding up while Brazilian exposure fell.
01 The session in one read
The SLX fund closed at US$102.45, up 0.68% from US$101.76. Nucor closed at US$256.29, up 0.63%.
Ternium closed at US$57.10, up 0.39%. Gerdau closed at US$5.02, down 0.59%, and CSN at US$1.11, down 3.48%.
The split follows geography, with the Mexican and Argentine producer higher and the Brazilian ones lower. The sources did not give a single cause.
The global fund rose, which suggests steady demand for steel shares, while the Brazilian producers fell. The two Brazilian falls point to local factors.
We could not confirm steel prices for the day, so this reading rests on share prices.
02 The board
| Instrument | Level | Change |
|---|---|---|
| SLX steel fund (US$) | 102.45 | +0.68% |
| Nucor (US$) | 256.29 | +0.63% |
| Ternium ADR (US$) | 57.10 | +0.39% |
| Gerdau ADR (US$) | 5.02 | -0.59% |
| CSN ADR (US$) | 1.11 | -3.48% |
The table shows the fund and shares in US dollars. All figures are RT closing prices.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 205,430.33 | +0.54% | +21.85% | 204,324.26 | 168,310 | 167,142 | — |
| IPSA | 10,969.16 | -0.02% | — | 10,971.88 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 68,420.16 | +1.12% | +12.17% | 67,663.29 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,848,945 | -0.35% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,566.28 | -0.55% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,210.69 | -0.91% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
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03 What moved it
Business Recorder said iron ore rebounded on dip buying and signs of better steel margins and demand in China. Better margins support steel shares, though the effect on Brazilian producers is mixed.
The Nasdaq fell 2.14% on worries about spending on artificial intelligence, according to TheStreet. Steel shares, which are tied to construction and industry, held up better than technology.
04 The Latin American read
Ternium rose 0.39%, which suggests investors still value its Mexican and Argentine plants. Mexico’s IPC rose 1.87% on Friday.
CSN, which also mines iron ore, fell 3.48% even as the ore price rose. Gerdau, a long-steel producer tied to Brazilian construction, fell 0.59%.
05 The names to watch
Nucor is the US benchmark for steel shares, and it rose 0.63%. Ternium is the main Latin American alternative.
CSN’s 3.48% fall was the largest on our board. We found no news to explain it.
06 The outlook
Steel shares look steady against a weak technology sector. The next test is whether iron ore holds above US$90 a tonne.
Brazilian producers will need a clearer demand signal to catch up. Mexican and US producers have held up better.
07 What to watch
- Iron ore: A fall below US$90 a tonne would hurt miners and steelmakers.
- CSN: Watch whether its 3.48% fall repeats.
- Ternium: Mexican stocks are leading Latin America.
- US demand: Construction and auto data steer Nucor and Ternium.
Background: Steel Fund Slips 0.68% as Ternium Drops 2.85%.
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
How did steel shares do on 16 October?
The SLX fund rose 0.68% to US$102.45 and Nucor rose 0.63% to US$256.29. These are RT closing prices.
Which Latin American steelmakers rose or fell?
Ternium rose 0.39% to US$57.10, while Gerdau fell 0.59% to US$5.02 and CSN fell 3.48% to US$1.11. The figures are New York closes.
What happened to iron ore?
The Singapore November contract rose 1.11% to US$90.85 a tonne after a two-year low, according to Business Recorder. Better steel margins in China helped.
Why do steel shares matter to US investors?
They track construction, autos and trade policy. Nucor and Ternium are the main US-listed examples.
Market data: RT; iron ore and drivers: Business Recorder, TheStreet.
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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