Steel ETF Falls 0.67% to US$103.10 as Gerdau Gains | Steel, Oct 12
Key Facts
- The SLX steel ETF fell 0.67% to US$103.10 on Monday 12 October, down from US$103.80 on Friday.
- Gerdau rose 0.39% to US$5.14, the only gainer among the Latin American steel names.
- Ternium fell 0.41% to US$57.94 and CSN 0.78% to US$1.27, both traded as ADRs in New York.
- Brazil’s exchange was closed for a holiday, so only the US-listed shares traded.
- The US dollar index rose 0.35% to 102.57, a mild headwind for industrial shares.
Today’s Focus
Steel shares were mixed to lower on Monday 12 October. The SLX ETF, a New York fund of steel producers, fell 0.67% to US$103.10.
Gerdau, Brazil’s largest long-steel maker, rose 0.39% to US$5.14. Ternium, the Mexico-focused producer, lost 0.41% to US$57.94, and CSN fell 0.78% to US$1.27.
São Paulo was shut for the Nossa Senhora Aparecida holiday, so only the ADRs traded. We found no company news and could not confirm a steel price move on the day.
What matters today. Latin American steel shares in New York were mostly lower, with Gerdau the exception on a day when Brazil’s exchange was closed.
01 The session in one read
Steel shares ended mostly lower on Monday 12 October. The SLX ETF fell 0.67% and two of the three Latin American names declined.
Gerdau bucked the trend with a 0.39% gain to US$5.14.
Moves were within one percent and without a confirmed driver. The variable to watch is how São Paulo prices Gerdau and CSN on Tuesday.
02 The board
Ternium and CSN both declined, while Gerdau edged up. The spread is small, so we treat it as noise rather than a signal.
The SLX fund holds steel producers worldwide, so it reflects global sentiment as well as the Americas.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX ETF) | US$103.10 | -0.67% |
| Gerdau | US$5.14 | +0.39% |
| CSN | US$1.27 | -0.78% |
| Ternium | US$57.94 | -0.41% |
Source: RT close, 2026-10-12. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| IBOV | 209,066.90 | +1.38% | +21.85% | 206,220.24 | 168,310 | 167,142 | — |
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| BVL PERÚ | 60,956.11 | -0.51% | — | — | — | — | — |
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| 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 | — |
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| 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
We found no company announcement or tariff headline that explains Monday’s moves. The dollar index rose 0.35% to 102.57.
Brazil’s holiday cut local trading, which can leave the ADRs (US-listed receipts) to trade on thinner volume.
04 The Latin American read
Brazil’s Gerdau and CSN and Mexico’s Ternium compete with cheap imports and depend on construction and car demand. Tariffs protect them only in part.
For US readers, Ternium and Gerdau also run US plants, so their shares are tied to American steel prices and trade policy.
05 The names to watch
Gerdau is the largest Brazilian long-steel producer and has a large US business. Ternium serves the Mexican and wider Americas market.
CSN is a Brazilian flat-steel and mining group. Its ADR closed at US$1.27.
06 The outlook
Brazil’s exchange reopens on Tuesday. The question is whether the local shares follow Monday’s New York moves.
We could not confirm a steel price move on Monday, so the next data points are company results and trade-policy news.
07 What to watch
- Tuesday’s B3 reopening: Local prices for Gerdau and CSN will adjust to Monday’s New York moves.
- Trade policy: Tariff news in Washington, Brasília or Mexico City moves steel names.
- Car and construction demand: These are the main buyers of Latin American steel.
- Company results: Third-quarter reports will show margin trends.
Frequently Asked Questions
How did Latin American steel shares do on Monday?
Gerdau rose 0.39% to US$5.14, while Ternium fell 0.41% to US$57.94 and CSN fell 0.78% to US$1.27 in New York.
What is the SLX ETF?
SLX is a US fund that holds steel producers. It fell 0.67% to US$103.10 on 12 October.
Why was Brazil’s market closed?
B3 was closed for the Nossa Senhora Aparecida holiday on 12 October.
Why do US readers follow these names?
Gerdau and Ternium have US operations, so they react to American steel prices and trade policy.
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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