Steel Shares Slide as CSN Leads Latin American Losses
Key Facts
- The steel fund closed at US$106.09, down 2.10%, and fell 2.64% over the week that ended on Friday.
- Gerdau fell 3.14% to US$4.94 and Ternium 1.48% to US$57.23, while CSN’s New York listing fell 6.78% to US$1.10.
- CSN was the worst performer in the Ibovespa on Friday, according to Exame and BTG Pactual Content Research, which put the São Paulo session’s decline at 6.40%.
- CSNA3 closed at R$5.85 (about US$1.14) on B3, a fall of 12.16% across the five sessions to Friday, according to Money Times.
- Mexico imposed final anti-dumping duties on Chinese and Vietnamese hot-rolled steel, of up to US$0.3087 per kilogram, published on 3 September.
- Gerdau’s São Paulo shares fell 2.96% to R$25.21 (about US$4.90), according to Estadão, with no company-specific catalyst reported.
Today’s Focus
Latin American steel shares fell on Friday and the weakness was concentrated in Brazil. The sector fund closed at US$106.09, down 2.10%, and fell 2.64% over the week.
Gerdau fell 3.14% to US$4.94 and Ternium 1.48% to US$57.23. CSN’s New York listing fell 6.78% to US$1.10 and 13.39% over the week.
CSN was the worst performer in the Ibovespa on Friday, according to Exame and BTG Pactual Content Research. Its São Paulo shares closed at R$5.85 (about US$1.14), a fall of 6.40% on the day.
The pressure on CSN came from mining and steel, according to Reuters. Iron ore retreated and freight costs rose during the week, according to Money Times.
Mexico’s final anti-dumping duties on Chinese and Vietnamese hot-rolled steel took effect this month. They were published on 3 September, so they were not Friday’s driver.
The broader market was mixed rather than hostile. The S&P 500 rose 0.17% while the Ibovespa fell 0.41% and the Mexican IPC lost 0.78%.
What matters today. Brazilian steel names fell harder than the global sector, and CSN carried the week’s losses. The trade shield is in place; the pressure came from prices and asset-sale doubts.
| Instrument | Level | Session |
|---|---|---|
| Ibovespa (Brazil) | 185,229.17 | -0.41% |
| S&P 500 (US) | 7,650.50 | +0.17% |
| Nasdaq Composite (US) | 26,523 | +0.39% |
| VIX (US volatility) | 14.81 | -4.08% |
| USD/BRL | 5.1445 | +0.30% |
| Gold (per ounce) | US$4,380.01 | +0.77% |
| Silver (per ounce) | US$66.35 | +1.41% |
| Oil fund (USO) | US$153.82 | -0.96% |
Friday, 18 September 2026 close. Gold, silver and the oil fund in US dollars.
01 The session in one read
This was a Brazilian story inside a softer global steel session. The sector fund fell 2.10% while the S&P 500 rose 0.17%.
The divergence matters for how the week should be read. Global steel drifted lower, but the sharpest losses were in São Paulo.
The sector fund’s fifty-day average is US$106.40. It has traded between US$105.52 and US$112.02 over the past twenty sessions.
Its relative strength index ended the week at 41.3. That reading sits below the neutral 50 mark and points to weak momentum.
The fund’s two-hundred-day average is US$99.24. The longer trend remains above the current price, so the pullback has not broken the yearly range.
02 The board
| Instrument | Level | Session | Week | Read |
|---|---|---|---|---|
| Steel fund (SLX) | US$106.09 | -2.10% | -2.64% | Below its fifty-day average |
| Gerdau (GGB) | US$4.94 | -3.14% | -4.08% | Long steel, exposed to Brazilian construction |
| Ternium (TX) | US$57.23 | -1.48% | -1.16% | Flat steel, exposed to Mexican manufacturing |
| CSN (SID) | US$1.10 | -6.78% | -13.39% | Worst performer in the group |
| CSN (CSNA3) | R$5.85 (about US$1.14) | -6.40% | -12.16% | Led the Ibovespa’s declines, per Exame and BTG Pactual |
| Gerdau (GGBR4) | R$25.21 (about US$4.90) | -2.96% | n/a | São Paulo session, per Estadão |
| S&P 500 | 7,650.50 | +0.17% | -0.08% | The broader market held up |
| Ibovespa | 185,229.17 | -0.41% | -1.06% | Brazilian equities ended the week lower |
CSN fell by more than five percent on the day. Its São Paulo listing led the Ibovespa’s declines on the day.
Gerdau fell 3.14% and Ternium 1.48%, while CSN fell 6.78%. The three names moved together, but the size of CSN’s decline set it apart.
Live Market IntelligenceBrazil — Live Market Board
Rio Times · Live Market Intelligence
Brazil — Live Market Board
-0.41%
185,229.17
-0.41%
63,706.89
-0.26%
11,381.18
+1.30%
3,021,926
-1.29%
2,548.22
+1.05%
60,023.65
-1.13%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 185,229.17 | -0.41% | +21.85% | 185,992.03 | 168,310 | 167,142 | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| SELIC | 14.00% | — | — | — | — | — | |
| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
| VALE3 | 72.97 | +0.83% | +30.75% | 72.37 | 73.54 | 72.66 | 17,658,000 |
| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
| WEGE3 | 47.59 | +0.49% | +29.99% | 47.36 | 48.08 | 47.36 | 3,364,600 |
| PRIO3 | 59.14 | -0.19% | +50.67% | 59.25 | 59.81 | 58.74 | 3,325,600 |
| SUZB3 | 41.33 | +2.35% | -23.55% | 40.38 | 41.48 | 40.35 | 3,914,900 |
| RENT3 | 34.68 | -0.09% | +0.84% | 34.71 | 34.96 | 34.35 | 7,979,100 |
| AZZA3 | 15.89 | -2.63% | -53.76% | 16.32 | 16.42 | 15.82 | 1,330,300 |
| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
| ENEV3 | 24.21 | -1.38% | +70.49% | 24.55 | 24.64 | 23.99 | 9,297,000 |
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03 What moved it
The pressure on CSN came from mining and steel, according to Reuters. Iron ore retreated and freight costs rose during the week, according to Money Times.
Weaker steel consumption data added to the mood. Doubts about possible delays in the sale of CSN Cimentos and CSN Infra also weighed on the shares, according to Money Times.
Gerdau’s São Paulo shares fell 2.96% to R$25.21 (about US$4.90), according to Estadão. No company-specific catalyst for that decline was reported.
Mexico’s final anti-dumping duties on Chinese and Vietnamese hot-rolled steel were published on 3 September. They were already in force before Friday’s session.
04 The Latin American read
Mexico’s duties reach US$0.3087 per kilogram for Shanghai Meishan Iron and Steel. Wuhan Iron and Steel faces US$0.3050 per kilogram, according to Asian Metal and Metal.com.
Other cooperating Chinese producers face US$0.3070 per kilogram. All remaining Chinese exporters face the US$0.3087 residual rate.
The measure covers hot-rolled steel from China and Vietnam. It was reported by Asian Metal and Metal.com between 7 and 10 September.
The Mexican peso weakened 1.46% against the dollar over the week to 17.221. The Brazilian real weakened 0.46% to 5.1445.
The Chile fund fell 0.38% on Friday and the Mexico fund 1.28%. The Latin America fund fell 1.16% on the session and 2.59% over the week.
05 The names to watch
Gerdau’s São Paulo shares fell 2.96% on Friday. The B3 listing closed at R$25.21 (about US$4.90), according to Estadão.
Vale fell 1.80% to US$14.21 and 6.70% over the week. The iron ore producer is the closest read on the input costs that pressure steel margins.
Nucor fell 6.32% and ArcelorMittal 3.52% on Friday. The two global names fell almost as hard as CSN and harder than Gerdau and Ternium.
CSN’s New York listing fell 6.78% to US$1.10 and 13.39% over the week. That weekly decline was the steepest in the group.
06 The outlook
Brazil’s mid-month inflation reading is on Friday 25 September. The year-on-year consensus is 4.5%, against 4.24% prior.
Brazil’s central bank publishes its Focus survey on Monday and its quarterly inflation report on Thursday. The Focus survey carries the market’s median forecasts for growth, inflation and the Selic rate.
Mexico’s central bank decides on rates on Thursday 24 September. The calendar carries no consensus for the decision, so the outcome is open.
Mexico’s mid-month inflation rate yoy is due on Thursday. The consensus is 3.3%, against 3.26% prior.
China’s loan prime rates are due on Monday. The one-year rate consensus is 3%, with the five-year rate at 3.5%.
07 What to watch
- Brazil’s mid-month inflation on Friday 25 September: The year-on-year consensus is 4.5%, against 4.24% prior.
- Brazil’s central bank calendar: The Focus survey is on Monday and the quarterly inflation report on Thursday.
- Mexico’s rate decision on Thursday 24 September: The calendar carries no consensus for the decision.
- CSN’s asset sales: Doubts about delays in the CSN Cimentos and CSN Infra processes were cited by Money Times.
- Iron ore and freight costs: Both were cited as pressure points for CSN during the week.
- China’s loan prime rates on Monday: The one-year rate consensus is 3% and the five-year rate 3.5%.
Frequently Asked Questions
How did Latin American steel shares perform on 18 September 2026?
Gerdau fell 3.14% to US$4.94 and Ternium 1.48% to US$57.23. CSN’s ADR fell 6.78% to US$1.10 and the SLX fund 2.10% to US$106.09.
Why did CSN fall so sharply?
Reuters reported mining and steel weakness, with CSN leading the Ibovespa’s losses. Money Times reported lower iron ore, higher freight, softer steel consumption and doubts over asset sales.
What did CSN’s São Paulo shares do?
CSNA3 closed at R$5.85 (about US$1.14), down 6.40% on the day, according to Exame and BTG Pactual Content Research. Money Times put the five-session decline at 12.16%.
What are Mexico’s new anti-dumping duties?
Final duties on Chinese and Vietnamese hot-rolled steel, published on 3 September. Shanghai Meishan faces US$0.3087 per kilogram and Wuhan Iron US$0.3050 per kilogram, according to Asian Metal and Metal.com.
How did Gerdau’s São Paulo shares trade on Friday?
GGBR4 fell 2.96% to R$25.21 (about US$4.90), according to Estadão. No company-specific catalyst for the decline was reported.
How did the broader market trade on Friday?
The S&P 500 rose 0.17% to 7,650.50 while the Ibovespa fell 0.41% to 185,229.17. The Mexican IPC closed at 63,375.93, down 0.78%.
Sources: RT end-of-day series for SLX, GGB, TX, SID, VALE, NUE, MT, indices, currencies and funds; Exame and BTG Pactual Content Research on the São Paulo session; Estadão on Gerdau’s B3 close; Reuters and Money Times on CSN; Asian Metal and Metal.com on Mexico’s hot-rolled anti-dumping duties; RT economic calendar for the week of 21-25 September.
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