Steel Fund Falls 3.29% as Ternium Drops 6.04% | Steel, Oct 22
Key Facts
- The SLX steel fund fell 3.29% to US$99.96 on Thursday 22 October, its weakest close of the week.
- Ternium dropped 6.04% to US$55.36, CSN’s New York shares fell 5.45% to US$1.04 and Gerdau lost 3.24% to US$5.07.
- In São Paulo, CSN fell 5.43% and Usiminas 4.81% as Brazil’s Ibovespa lost 1.15%.
- China supplied 45.4% of Latin America’s steel imports in 2025, according to the steel association Alacero.
- Mexico has charged tariffs of up to 50% on 1,463 product lines from countries without a trade deal since 1 January 2026.
Today’s Focus
Latin American steel producers fell on Thursday, 22 October 2026. The SLX steel-producers fund lost 3.29% to US$99.96.
Every major name fell: Ternium lost 6.04% to US$55.36, CSN’s New York shares dropped 5.45% to US$1.04 and Gerdau lost 3.24% to US$5.07.
We found no company news, so the fall looks like part of a broad sell-off in cyclical shares.
What matters today. Steelmakers fell more than the market, and import competition from China keeps limiting their gains even when protection is in place.
01 The session in one read
Latin American steel producers sold off on Thursday, 22 October 2026, as the SLX fund fell 3.29% to US$99.96.
The move hit every major name. Ternium lost 6.04% to US$55.36, CSN’s American depositary receipts dropped 5.45% to US$1.04, and Gerdau declined 3.24% to US$5.07.
In São Paulo, CSN lost 5.43% and Usiminas 4.81%, and the Ibovespa fell 1.15%.
Steel shares fell with the broad market, with Ternium, CSN and Gerdau all down more than 3%. Import competition from China remains the structural drag, according to Alacero. The variable to watch is whether Brazilian and Mexican demand data stabilise before the end of the year.
02 The board
Ternium, which has large operations in Mexico, was the weakest of the three, down 6.04% from US$58.92. CSN’s New York shares fell 5.45% from US$1.10, and Gerdau lost 3.24% from US$5.24.
These are share prices, not steel prices. We could not verify a benchmark steel price for Thursday.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX fund) | US$99.96 | −3.29% |
| Gerdau | US$5.07 | −3.24% |
| CSN (New York) | US$1.04 | −5.45% |
| Ternium | US$55.36 | −6.04% |
Source: RT close, 2026-10-22. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
Live Market IntelligenceThe live market board
Rio Times · Live Market Intelligence
Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 176,608.23 | -13.88% | +20.17% | 205,082.56 | — | — | — |
| IPSA | 10,575.59 | -1.59% | — | 10,746.36 | 10,642 | 10,457 | — |
| IPC MEX | 69,470.99 | -0.58% | +12.30% | 69,879.62 | — | — | — |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,505.04 | -1.38% | — | — | — | — | — |
| USD/BRL | 5.41 | -0.12% | +0.38% | 5.42 | 5.42 | 5.37 | — |
| EUR/BRL | 6.03 | +8.96% | -3.61% | 5.54 | 6.04 | 6.00 | — |
| USD/MXN | 18.59 | +0.10% | +0.92% | 18.57 | 18.62 | 18.54 | — |
| USD/CLP | 990.22 | +0.11% | +6.37% | 989.13 | 991.87 | 988.50 | — |
| USD/COP | 3,147 | +3.00% | -18.00% | 3,056 | 3,147 | 3,132 | — |
| USD/PEN | 3.44 | -0.10% | +3.56% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,541 | -0.02% | +4.04% | 1,541 | 1,541 | 1,541 | — |
| USD/UYU | 40.08 | -0.01% | +1.94% | 40.08 | 40.08 | 40.08 | — |
| USD/PYG | 5,735 | +2.55% | -17.53% | 5,592 | 5,735 | 5,735 | — |
| USD/BOB | 11.82 | +3.62% | +75.69% | 11.41 | 11.82 | 11.82 | — |
| USD/DOP | 61.14 | +2.83% | -3.39% | 59.45 | 61.14 | 60.35 | — |
| USD/CRC | 450.04 | +1.86% | -8.05% | 441.83 | 450.04 | 450.04 | — |
| USD/GTQ | 7.64 | +3.18% | +2.13% | 7.40 | 7.64 | 7.64 | — |
Live Company IntelligenceGerdau S.A — the full investor dossier
Valuation & profitability
Price & risk
$16.6652-wk high
$28.72
Revenue trend · 6y
Ownership
Dividend
03 What moved it
We found no company-specific news. The Nasdaq fell about 2.6%, an oil rally raised inflation worries and investors sold cyclical shares, which include steelmakers.
The structural pressure is China. China supplied 45.4% of Latin America’s steel imports in 2025, according to Alacero, which keeps low-priced material at the centre of the regional debate.
Mexico has responded with tariffs of 5% to 50% on 1,463 product lines from countries without a free-trade agreement, in force since 1 January 2026, according to El Financiero.
04 The Latin American read
Brazil’s flat-steel producers, such as CSN and Usiminas, compete most directly with Chinese coated and cold-rolled imports. Their shares fell more than 4.8% in São Paulo.
Mexican producers face softer domestic demand even with tariffs in place, and Ternium’s fall of 6.04% shows how exposed its shares are to that mood.
05 The names to watch
Ternium, CSN and Gerdau are the listed bellwethers. Gerdau, a long-steel producer, is tied to Brazilian construction and fell less than the others.
Investors should watch whether the shares recover on Friday and how Brazil’s election result on Sunday affects domestic cyclical stocks.
06 The outlook
The near-term path depends on global risk appetite. A rebound in technology shares would probably help steel shares first.
The longer-term test is whether tariffs and local demand can lift margins while Chinese exports stay high.
07 What to watch
- Global risk appetite: A recovery in technology shares would ease pressure on steel shares.
- Brazil’s runoff (Sunday 25 October): The result will set the tone for CSN, Usiminas and Gerdau on Monday.
- Chinese steel exports: Higher flows into Latin America would deepen the pressure on local mills.
- Mexican tariff effects: Future earnings from Ternium will show whether the tariffs help.
Frequently Asked Questions
Why did steel stocks fall on Thursday?
We found no company news. Steel shares fell with a broad sell-off in cyclical stocks, and the SLX fund lost 3.29%.
How much steel does Latin America import from China?
China supplied 45.4% of Latin America’s steel imports in 2025, according to the steel association Alacero.
What tariffs does Mexico charge on steel imports?
Mexico charges 5% to 50% on 1,463 product lines from countries without a free-trade agreement, in force since 1 January 2026, according to El Financiero.
What is the SLX fund?
SLX is an exchange-traded fund that holds steel producers, so it tracks equities and not the price of steel.
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
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.