Steel Markets: Gerdau, CSN, Ternium Rise on Tariffs
Key Facts
- Gerdau rose 1.81% to US$5.06 in the Wednesday, September 9, 2026 session, making it the strongest regional gainer among the large steel producers.
- CSN added 1.64% to US$1.24 even as the flat-steel producer remained the name most exposed to cheap Chinese import pressure.
- Ternium edged up 0.17% to US$58.10 supported by Mexican auto and nearshoring-related factory building demand.
- Brazil kept a 25% tariff on above-quota steel imports through June 2027, maintaining a shield for domestic long-steel mills.
- Mexico kept tariffs of up to 50% on 1,463 products from countries without a free-trade agreement, including steel.
- The SLX steel ETF closed at US$111.10, down 0.08% a reminder that global steel sentiment stayed cautious even as Latin American producers outperformed.
Today’s Focus
Latin American steel names mostly advanced on Wednesday, September 9, 2026, defying a flat global steel market. Gerdau rose 1.81% to US$5.06, CSN added 1.64% to US$1.24, and Ternium edged up 0.17% to US$58.10.
The gains reflected tariff protection rather than a surge in underlying demand. Brazil kept a 25% tariff on above-quota steel imports through June 2027, and Mexico maintained duties of up to 50% on steel from countries without free-trade agreements.
Cheap Chinese steel continued to compete with local mills, but the policy walls kept the pressure from turning into a rout. Gerdau benefited most from Brazil’s construction-linked long-steel demand, while CSN stayed more exposed to flat-steel pricing.
Ternium drew support from Mexican auto demand and factory-building tied to nearshoring. The SLX steel ETF closed at US$111.10, down 0.08%.
What matters today. Tariff walls, not rebounding demand, are the main prop under Latin American steel shares as cheap Chinese supply keeps pressuring regional pricing.
01 The session in one read
Latin American steel shares mostly advanced on Wednesday, September 9, 2026, even as the broader global steel complex was flat. Gerdau rose 1.81% to US$5.06, the strongest move among the region’s large producers.
CSN added 1.64% to US$1.24, while Ternium edged up 0.17% to US$58.10. The SLX steel ETF, which tracks global steel companies including Gerdau and Ternium, closed at US$111.10, down 0.08%.
The Wednesday session showed Latin American steel equities can still grind higher when global steel sentiment is flat, thanks to protective trade policy. Gerdau remains the clearest beneficiary of Brazil’s construction-linked long-steel demand, while CSN’s flat-steel exposure keeps it tied to the Chinese import threat. Ternium’s Mexican nearshoring story is intact but is not producing explosive growth. The variable to watch is any sign that Brazil or Mexico loosens tariff protection, which would immediately expose regional mills to cheaper Chinese supply.
02 The board
Gerdau’s US-traded shares climbed to US$5.06, outpacing both CSN and Ternium. The gain reflected investor bets that Brazil’s construction-linked long-steel demand would keep favouring the company’s product mix.
CSN’s move to US$1.24 was notable because the flat-steel producer carries the heaviest exposure to Chinese import competition in Brazil. Ternium’s quiet rise to US$58.10 suggested Mexican demand remained a slow but steady support.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX ETF) | US$111.10 | -0.08% |
| Gerdau | US$5.01 | -0.99% |
| CSN (ADR) | US$1.33 | +7.26% |
| Ternium | US$58.11 | +0.02% |
Trade date: Wednesday 9 September 2026. Source: RT close, 2026-09-09. 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 | 185,629.04 | -0.93% | +21.85% | 187,366.84 | 168,310 | 167,142 | — |
| IPSA | 11,370.36 | -0.39% | — | 11,414.32 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,025.71 | -0.06% | +12.17% | 65,065.56 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,110,163 | +1.11% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,584.02 | +0.57% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,246.14 | +0.76% | — | — | — | — | — |
| 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
Tariff protection was the main driver. Brazil kept a 25% tariff on above-quota steel imports through June 2027, and Mexico maintained duties of up to 50% on 1,463 products from countries without a free-trade agreement, including steel.
Brazil also kept five-year anti-dumping duties on Chinese flat steel, covering cold-rolled, coated, hot-dip galvanised and pre-painted products, plus wire rod. These barriers did not eliminate cheap Chinese steel, but they limited its ability to undercut local mills.
04 The Latin American read
Gerdau benefited most from Brazil’s construction-linked long-steel demand, which remained the most resilient part of the local market. CSN stayed more exposed to flat-steel pricing and the Chinese import problem, even with anti-dumping duties in place.
Ternium found support in Mexican demand, particularly from auto production and factory-building tied to nearshoring. That gave the Mexico-focused producer a different demand profile from its Brazilian peers.
05 The names to watch
Gerdau remains the clearest trade on Brazilian construction and infrastructure spending. Its New York-listed shares at US$5.06 show the market still rewards exposure to long steel.
CSN is the higher-risk, higher-reward name because flat-steel pricing is more directly influenced by Chinese imports. Ternium offers a Mexican nearshoring angle, with auto demand providing a steadier floor than Brazil’s construction cycle.
06 The outlook
The Latin American steel story now rests on whether tariff walls hold. As long as Brazil keeps its 25% duty on above-quota steel and Mexico maintains duties of up to 50%, regional mills have room to defend prices against Chinese supply.
The risk is that any easing of those barriers would expose Gerdau, CSN and Ternium to cheaper imports. For now, construction demand in Brazil and nearshoring in Mexico are supporting the sector, but the real protection is policy, not demand.
07 What to watch
- Brazil tariff policy: Any move to adjust the 25% above-quota steel tariff through June 2027 would hit Gerdau and CSN hardest.
- Chinese steel exports: A fresh wave of discounted Chinese flat steel would pressure CSN’s pricing even with anti-dumping duties in place.
- Mexican auto output: Ternium’s fortunes are tied to Mexican vehicle production and nearshoring factory investment.
- Brazil construction spending: Long-steel demand from infrastructure and housing remains the key swing factor for Gerdau.
Frequently Asked Questions
Why did Latin American steel shares rise on Wednesday?
Gerdau rose 1.81% to US$5.06, CSN added 1.64% to US$1.24, and Ternium edged up 0.17% to US$58.10 because tariff protection kept cheap Chinese steel from flooding local markets.
What tariffs protect Brazilian steel?
Brazil kept a 25% tariff on above-quota steel imports through June 2027 and maintained five-year anti-dumping duties on Chinese flat steel and wire rod.
What tariffs protect Mexican steel?
Mexico kept duties of up to 50% on 1,463 products from countries without a free-trade agreement, including steel.
Which company benefited most from the tariff shield?
Gerdau benefited most because its construction-linked long-steel products face less direct Chinese competition than CSN’s flat steel.
Market data: RT
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