Steel Fund Rises 2.04% as Gerdau Falls 2.32% | Steel, Oct 27
Key Facts
- The SLX fund, which holds steel producers worldwide, rose 2.04% to US$101.55 on Tuesday, October 27.
- Ternium, a steelmaker focused on Mexico, gained 1.09% to US$54.65.
- Gerdau, a Brazilian steelmaker, fell 2.32% to US$4.64, and CSN’s US-listed shares dropped 4.57% to US$0.87.
- China’s industrial profits rose 15.5% in the first nine months from a year earlier, a little slower than the 15.7% of the first eight months.
Today’s Focus
Latin American steel shares split on Tuesday, October 27. The SLX fund, which tracks global steel producers, climbed 2.04% to US$101.55, while Mexico’s Ternium added 1.09% to US$54.65.
Brazil’s mills moved the other way. Gerdau’s New York shares fell 2.32% to US$4.64, CSN’s US-listed shares slumped 4.57% to US$0.87, and Usiminas, another Brazilian steelmaker, lost 3.9% in São Paulo.
The pattern fits a day when Brazil’s stock market fell 0.51% and Mexico’s rose 0.35%. China’s industrial profits, up 15.5% in the first nine months of the year, also supported global steel names, the RT economic calendar shows.
Mexico’s Ternium sells largely to Mexican factories and carmakers, while Brazilian mills depend more on local construction and on competition from cheap imports.
What matters today. Global steel stocks rose, but Brazilian mills fell, so Brazil’s local risks still outweigh the global tide.
01 The session in one read
Steel equities across Latin America went separate ways on Tuesday, October 27. The SLX fund advanced 2.04% to US$101.55, a move led more by Mexican and global names than by Brazilian mills.
Ternium gained 1.09% to US$54.65. In Brazil, Gerdau slid 2.32% to US$4.64, while CSN’s US-listed shares lost 4.57% to US$0.87.
The split highlights a divide in Latin American steel: Brazilian mills tied to local demand and imports, and a Mexican producer tied to factories and exports.
The board tells a story of two markets. Ternium rose alongside the SLX fund, while the three Brazilian mills fell on a day when Brazilian assets stayed under pressure.
02 The board
The clearest signal came from the spread between Ternium and CSN. Ternium’s 1.09% rise to US$54.65 against CSN’s 4.57% drop to US$0.87 shows investors favouring the Mexican producer over Brazilian exposure.
Gerdau’s 2.32% decline to US$4.64 sat between the two. The SLX fund’s 2.04% gain shows global steel investors were not selling the sector.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX ETF) | US$101.55 | +2.04% |
| Gerdau | US$4.64 | -2.32% |
| CSN (ADR) | US$0.8701 | -4.57% |
| Ternium | US$54.65 | +1.09% |
Source: RT close, 2026-10-27. 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 | 175,710.05 | -0.51% | +19.56% | 176,608.23 | 178,526 | 175,157 | — |
| IPSA | 10,766.85 | +1.81% | — | 10,575.69 | 10,722 | 10,633 | — |
| IPC MEX | 69,734.34 | +0.38% | +12.74% | 69,470.99 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,506.51 | +0.06% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
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03 What moved it
The session was driven by broad market moves rather than by steel prices. Wall Street rose, and Chinese industrial profits stayed solid.
Brazilian steel shares, however, fell with the local market, which stayed under pressure after the presidential election.
04 The Latin American read
For foreign investors, the session is a reminder that Latin American steel is not one trade. Brazilian mills are exposed to the local economy, interest rates and imports.
CSN and Usiminas, more exposed to flat steel for industry and cars, fell 4.6% and 3.9%. Gerdau, mostly a maker of construction steel, fell 2.3%.
Mexico’s Ternium sits on the stronger side of the ledger. Its proximity to US customers and factories gives it demand support that Brazilian mills lack, though imports remain a threat there too.
05 The names to watch
Gerdau is the purest play on Brazilian construction and infrastructure. Its 2.32% fall to US$4.64 on Tuesday reflects caution about Brazil’s economy.
CSN’s 4.57% drop to US$0.87 makes it the most volatile name on the regional board.
Ternium’s 1.09% gain to US$54.65 keeps it the standout among Latin American producers.
06 The outlook
The next test for Brazilian mills is whether the government’s fiscal signals calm markets and whether trade protection against Chinese steel stays in place.
For Mexico, the watch item is whether factory investment translates into steady steel orders. The US Federal Reserve decision on Wednesday also affects borrowing costs for industry.
07 What to watch
- Brazil trade protection: Any change in duties on Chinese steel would affect CSN and Usiminas margins.
- US Federal Reserve decision: The Fed announces its rate decision on Wednesday, which can move the dollar and industrial stocks.
- Brazil’s fiscal signals: Clarity from the re-elected government would help Gerdau, CSN and Usiminas.
- SLX fund flows: Continued inflows would signal global investors are buying steel stocks.
Frequently Asked Questions
Why did CSN fall while Ternium rose?
CSN is exposed to Brazilian flat steel and to the local economy, while Ternium benefits from its Mexican factory and US-linked demand.
What does the SLX ETF track?
SLX is an exchange-traded fund holding shares of steel producers worldwide, so it reflects global steel equity sentiment rather than one country’s market.
Why does Gerdau trade differently from CSN?
Gerdau mainly makes long steel for construction, while CSN focuses on flat steel for industrial and automotive customers, so their demand cycles differ.
What does China data mean for steel?
China is the world’s largest steel producer, so its industrial data and exports shape global steel shares. Its industrial profits rose 15.5% in the first nine months of the year.
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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