Steel ETF Gains 1.5% as CSN Jumps 6.9% | Steel, Oct 5
Key Facts
- The SLX steel ETF rose 1.54% to US$105.13 (RT).
- CSN’s New York shares jumped 6.90% to US$1.24, the biggest gain on the board (RT).
- Gerdau gained 3.19% to US$5.17 and Ternium 2.40% to US$57.97. Brazil’s real rose 4.12% on the day.
- Brazil keeps a 25% tariff on steel imports above quotas on several steel products through June 2027.
- Mainland China was closed for the National Day holiday. Trading resumes on 8 October.
Today’s Focus
Latin American steel shares rose on Monday. CSN’s New York-listed shares jumped 6.90% to US$1.24, Gerdau gained 3.19% and Ternium 2.40%. The SLX steel ETF rose 1.54%.
The gains came on a day of broad buying in Brazil after the election.
What matters today. Steel makers in Brazil and Mexico rely on import tariffs, so the policy backdrop matters as much as prices.
01 The session in one read
The SLX fund rose 1.54% to US$105.13. CSN’s shares gained 6.90% to US$1.24, Gerdau 3.19% to US$5.17 and Ternium 2.40% to US$57.97.
Brazil’s market jumped 7.70% on the day, so part of the move reflects the regional rally.
The steel gains look like a share of the Brazil rally rather than a change in steel prices. We could not verify a Monday steel price.
Tariff protection remains the main support for Brazilian mills.
02 The board
The table shows exchange-traded proxies. SLX holds a global basket of steel producers.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX ETF) | US$105.13 | +1.54% |
| Gerdau | US$5.17 | +3.19% |
| CSN (ADR) | US$1.24 | +6.90% |
| Ternium | US$57.97 | +2.40% |
Source: RT close, 2026-10-05. 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 | 206,911.89 | +7.70% | +21.85% | 192,114.55 | 168,310 | 167,142 | — |
| IPSA | 11,124.65 | +1.91% | — | 10,916.57 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,327.79 | -0.32% | +12.17% | 64,531.68 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,869,488 | +3.68% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,582.65 | +2.69% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,860.04 | +0.60% | — | — | — | — | — |
| 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
Brazil’s election result drove a wide rally in Brazilian shares. A stronger real also lifts the dollar value of these stocks.
Brazil keeps a 25% tariff on steel imports above quotas on several steel products through June 2027, which helps domestic mills.
04 The Latin American read
Brazil’s Gerdau and CSN and Mexico’s Ternium are the main listed Latin American steel names in New York.
05 The names to watch
CSN led the board. Gerdau is more tied to construction, and Ternium to industry and cars.
06 The outlook
The runoff on 25 October and the return of Chinese markets on 8 October are the next signals.
07 What to watch
- China’s reopening, 8 October: The first Chinese steel prices after the holiday.
- Brazil’s runoff, 25 October: It will shape domestic rates and construction demand.
- Tariffs: Any change to Brazil’s import quotas.
Why did steel shares rise on Monday?
Brazilian shares rallied after the election, and a stronger real lifted dollar-listed names.
What is SLX?
SLX is a US-listed ETF that holds steel producers around the world.
Which stock rose most?
CSN’s New York shares rose 6.90% to US$1.24.
Does Brazil protect its steel industry?
Yes. It keeps a 25% tariff on steel imports above quotas on several steel products through June 2027.
Market data: RT. Sources: Brazilian trade ministry tariff measures.
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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