Brazil’s CSN Jumps 13.46% as Steel Fund Holds Steady | Steel, Oct 23
Key Facts
- Brazil’s CSN jumped 13.46% in New York to US$1.18, from a very low base.
- The steel-companies fund SLX was flat at US$100.04.
- Ternium rose 1.08% to US$55.96 and Gerdau 0.59% to US$5.10.
- US steelmaker Nucor was unchanged at US$258.11.
- The US manufacturing PMI beat forecasts: 56.0 against 55.5 expected.
Today’s Focus
Steel shares were mostly steady on Friday, 23 October, except for Brazil’s CSN, which jumped 13.46% in New York. The shares closed at US$1.18, so a small move in the price is a large percentage move.
The steel fund SLX closed almost unchanged at US$100.04. Ternium and Gerdau, two Latin American producers, rose by about 1%.
What matters today. Steel shares barely moved apart from CSN, which rose sharply from a low price.
01 The session in one read
The steel fund SLX closed at US$100.04, up 0.08%. Nucor, a large US producer, was unchanged at US$258.11.
Latin American producers did better. Ternium, with plants in Mexico and Argentina, rose 1.08% to US$55.96, and Gerdau, Brazil’s largest steelmaker by output, gained 0.59% to US$5.10.
CSN, a Brazilian steel and mining group, rose 13.46% to US$1.18. We found no company news in our verified sources that explains the move.
The fund barely moved, so the sector’s direction is unclear. CSN’s jump is large in percentage terms but small in dollars.
Strong US factory data helps steel demand, but higher yields and a firmer dollar are headwinds.
02 The board
The fund SLX closed at US$100.04. Ternium rose 1.08% to US$55.96, Gerdau 0.59% to US$5.10 and CSN 13.46% to US$1.18.
Nucor closed at US$258.11, unchanged.
| Asset | Level | Change |
|---|---|---|
| Steel fund (SLX) | US$100.04 | +0.08% |
| Ternium (TX) | US$55.96 | +1.08% |
| Gerdau (GGB) | US$5.10 | +0.59% |
| CSN (SID) | US$1.18 | +13.46% |
| Nucor (NUE) | US$258.11 | +0.02% |
Source: RT close, 2026-10-23. 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 | 205,082.56 | +0.47% | +21.85% | 204,120.12 | 168,310 | 167,142 | — |
| IPSA | 10,746.36 | -0.31% | — | 10,780.31 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 69,678.08 | -0.30% | +12.17% | 69,889.73 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,017,221 | — | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,540.10 | +0.46% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 57,021.19 | +0.13% | — | — | — | — | — |
| 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
Friday’s US data supported the sector. The S&P Global manufacturing PMI was 56.0 against a forecast of 55.5, according to the RT economic calendar.
Yields and the dollar were less helpful. The US 10-year yield rose to 5.00% and the dollar index gained 0.14%.
04 The Latin American read
Brazil, Mexico and Argentina are Latin America’s main steel producers. Ternium and Gerdau are two of the region’s largest steelmakers.
Brazil’s real gained 1.57% on Friday, which helps importers of steel-making inputs but reduces export earnings in reais.
05 The names to watch
SLX is a fund of global steelmakers and miners, so it shows the sector’s direction. Ternium and Gerdau give the Latin American view.
CSN’s price is so low that small trades can cause large percentage moves.
06 The outlook
US tariffs and Chinese exports are the main outside influences on Latin American steel. We do not have verified data on either for Friday.
The next checks are US manufacturing data and the Federal Reserve decision on 28 October.
07 What to watch
- US data: Consumer confidence on 27 October.
- The Fed: Its decision on 28 October at 18:00 UTC.
- CSN: Whether the jump holds on Monday.
- Brazil’s runoff: The vote on 25 October.
Frequently Asked Questions
Why did CSN jump 13.46%?
We found no company news in our verified sources. The share price is about US$1, so moves are large in percentage terms.
What is SLX?
A US-listed fund holding steel producers and related miners.
Which Latin American steelmakers are listed in New York?
Ternium (Mexico and Argentina), Gerdau and CSN (Brazil).
How did US steel do?
Nucor was unchanged at US$258.11.
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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