Latin America Steel: CSN, Gerdau Edge up Monday
Key Facts
- Steel-producers ETF slipped The SLX exchange-traded fund closed at US$108.01, a decline of 0.63% on Monday, August 31, 2026.
- Gerdau shares advanced New York-listed Gerdau shares ended at US$4.61, up 0.44% in the session, outperforming the broader steel ETF.
- CSN ADR led gains CSN’s American depositary receipt rose 1.96% to US$1.04, the strongest move among the region’s large producers.
- Ternium was nearly flat Mexico-focused Ternium finished at US$54.82, down just 0.04% as investors weighed construction demand against tariffs.
- Chinese import pressure persists Brazil maintains a 25% tariff on above-quota steel imports across 19 products through June 2027.
- Anti-dumping duties shield flats Five-year duties on Chinese pre-painted, cold-rolled and coated flat steel range from US$284.98 to US$709.63 per tonne.
Today’s Focus
Latin American steel stocks split on Monday, August 31, 2026, as Brazilian names advanced while the global steel-producers ETF slipped. The SLX fund closed at US$108.01, down 0.63%, reflecting pressure on the wider sector.
Gerdau’s New York shares rose 0.44% to US$4.61 and CSN’s ADR jumped 1.96% to US$1.04, suggesting investors rewarded Brazil’s tariff-protected producers. Ternium, which serves Mexico, was essentially unchanged at US$54.82, down just 0.04%.
The backdrop remains a fight over cheap Chinese steel flooding Latin American markets, with Brazil wielding anti-dumping duties and quota tariffs to shield domestic mills.
What matters today. The divide between tariff-protected Brazilian mills and the softer global steel complex is the key signal from Monday’s close.
01 The session in one read
Latin American steel stocks diverged on Monday, August 31, 2026. Brazilian producers Gerdau and CSN gained ground, while Mexico’s Ternium slipped fractionally and the global SLX steel-producers ETF fell.
CSN’s American depositary receipt was the standout, rising 1.96% to US$1.04. Gerdau’s New York shares added 0.44% to US$4.61, and Ternium closed at US$54.82, down 0.04%. The SLX ETF settled at US$108.01, a drop of 0.63%.
Monday’s session showed Brazilian producers CSN and Gerdau resisting the downward pull that hit the SLX ETF, likely because investors see Brazil’s multi-layered import defences as durable support. The 25% above-quota tariff and five-year anti-dumping duties on Chinese flat steel give domestic mills room to hold prices. Watch whether construction and auto demand in Brazil strengthens enough to justify further gains in CSN and Gerdau shares.
02 The board
The price board told a story of Brazil versus the world. CSN’s rally to US$1.04 marked the strongest single-day gain among the region’s big steel names, while Gerdau’s US$4.61 close showed modest but positive momentum.
Ternium at US$54.82 was effectively flat, underlining how Mexican steel remains tied to US construction and industrial cycles rather than Brazil’s tariff-driven defence. The SLX ETF’s fall to US$108.01 signalled broader sector softness.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX ETF) | US$108.01 | -0.63% |
| Gerdau | US$4.61 | +0.44% |
| CSN (ADR) | US$1.04 | +1.96% |
| Ternium | US$54.82 | -0.04% |
Source: RT close, 2026-08-31. 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 | 177,418.78 | +1.00% | +21.85% | 175,664.62 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,048.39 | -0.67% | +12.17% | 65,484.32 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,033,848 | +1.83% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,425.08 | -1.33% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,928.30 | -0.80% | — | — | — | — | — |
| 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
Cheap Chinese steel exports continue to pressure Latin American markets, but Brazil has responded with layered trade protection. A 25% tariff applies to above-quota imports across 19 steel products, with the quota regime running to June 2027.
Brazil has also imposed five-year anti-dumping duties on pre-painted steel sheets from China and India, plus cold-rolled and coated flat steel from China. These duties range from US$284.98 to US$709.63 per tonne, shielding domestic flats producers such as CSN.
Mexican mills face a different calculus, as US construction and auto demand dictate orders for Ternium. Monday’s flat close suggests no fresh catalyst arrived from either sector.
04 The Latin American read
For foreign investors, the split between CSN, Gerdau and Ternium highlights a core Latin American steel theme: trade policy, not global demand alone, drives relative performance. Brazil’s tariff wall is giving domestic producers an edge.
CSN’s 1.96% jump to US$1.04 indicates investors see value in a flat-steel producer heavily protected by anti-dumping measures. Gerdau’s 0.44% rise to US$4.61 suggests long-steel demand from construction is holding up without the same trade-defence boost.
05 The names to watch
CSN remains the clearest beneficiary of Brazil’s anti-dumping duties on Chinese coated and cold-rolled flat steel. Its ADR at US$1.04 now tests whether tariff support can sustain a recovery.
Gerdau at US$4.61 is a play on Brazilian civil construction and infrastructure, where the 25% above-quota import tariff offers some insulation. Ternium at US$54.82 remains the regional proxy for North American steel demand.
06 The outlook
The key variable to watch is whether Brazil extends its quota-tariff regime beyond June 2027 or adds new anti-dumping findings against Chinese steel. Any sign of softer protection would hit CSN and Gerdau first. For Ternium, the outlook rests on US construction starts and auto assembly rates.
07 What to watch
- Brazil quota tariffs: Watch for any revision to the 25% above-quota tariff before June 2027, as it directly supports CSN and Gerdau pricing.
- Chinese steel exports: Further Chinese export growth could test Brazil’s anti-dumping margins and pressure regional prices.
- US construction demand: Ternium’s flat close means US building activity data is the next obvious catalyst for Mexican steel.
- Auto production: Brazilian and Mexican auto output trends will signal whether flat-steel demand can absorb higher domestic supply.
Frequently Asked Questions
Why did CSN rise on Monday?
CSN’s ADR jumped 1.96% to US$1.04 as investors rewarded its exposure to Brazilian flat steel protected by anti-dumping duties on Chinese imports.
What tariffs protect Brazilian steel?
Brazil applies a 25% tariff on above-quota steel imports across 19 products, plus five-year anti-dumping duties on Chinese pre-painted, cold-rolled and coated flat steel ranging from US$284.98 to US$709.63 per tonne.
Why is Ternium different from CSN and Gerdau?
Ternium, based in Mexico, depends on US construction and automotive demand rather than Brazil’s tariff shield, leaving it more exposed to global steel cycles.
What is the SLX ETF?
The SLX is an exchange-traded fund that tracks steel producers globally; it closed at US$108.01, down 0.63% on Monday, August 31, 2026.
Market data: RT
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