Key Facts
- SLX gained — the steel-producers ETF rose 1.16% to US$108.91, a sign that global appetite for steel shares firmed on Tuesday, August 25, 2026.
- Gerdau advanced — the Brazilian long-steel producer closed at US$4.36, up 0.69%, as investors weighed Brazil’s 25% above-quota tariff shield.
- CSN’s New York shares retreated — Companhia Siderúrgica Nacional fell 0.97% to US$1.02, cooling after a jump of more than 5% the previous session.
- Ternium was nearly flat — Mexico-focused Ternium added 0.16% to US$55.20, with cheap Chinese supply still anchoring sentiment.
- Cheap Chinese imports persist — Chinese steel export pressure remains the central margin threat for Gerdau, CSN and Usiminas even with tariffs in place.
- Construction and autos matter — Brazilian long-steel and Mexican flat-steel demand both lean on construction and auto orders, which steadied without accelerating.
Today’s Focus
Latin American steel shares were mixed on Tuesday, August 25, 2026, with the VanEck Steel ETF rising 1.16% to US$108.91. Gerdau added 0.69% to US$4.36, while CSN’s New York shares fell 0.97% to US$1.02 and Ternium ticked up 0.16% to US$55.20.
The backdrop is a managed-trade regime. Brazil charges a 25% tariff on above-quota steel imports from any origin, and since early this year it has added five-year anti-dumping duties on Chinese cold-rolled and coated flat steel, plus duties on pre-painted steel from China and India.
Still, cheaper Chinese supply keeps long-product margins under pressure for Gerdau and its peers, while Mexico’s Ternium faces similar import competition in flat steel. Construction and auto demand offered support but no fresh acceleration.
What matters today. Tuesday’s mixed moves show tariffs are supporting Latin American steel shares but have not removed the margin squeeze from cheap Chinese imports.
01 The session in one read
Latin American steel shares delivered a mixed but mostly steady session on Tuesday, August 25, 2026. The steel-producers ETF SLX rose 1.16% to US$108.91, a sign that investors were willing to hold global steel exposure.
Gerdau rose 0.69% to US$4.36, while CSN’s New York shares slipped 0.97% to US$1.02 and Ternium added just 0.16% to US$55.20. The moves were small in energy but clear in direction — tariff-protected Brazilian names held firmer than the previous session’s surge in CSN suggested.
The board shows a modestly positive but uneven session: SLX and Gerdau advanced, CSN retreated after a sharp prior gain, and Ternium barely moved. The market is still pricing tariff protection against persistent Chinese export competition rather than a clean demand upswing. The variable to watch is any fresh Brazilian or Mexican quota or anti-dumping decision aimed at Chinese sheet or long products, because that would move Gerdau, CSN and Ternium more than a day-to-day steel price swing.
02 The board
The board reads as a pause after repositioning. SLX at US$108.91 and Gerdau at US$4.36 showed the broadest investor comfort, while CSN at US$1.02 gave back a portion of Monday’s jump of more than 5%.
Ternium at US$55.20 was effectively unchanged, reflecting Mexico’s exposure to imported flat-steel competition. For outsiders, these are share prices of producers and an ETF that tracks steel companies, not spot prices for the metal itself.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX ETF) | US$108.91 | +1.16% |
| Gerdau | US$4.36 | +0.69% |
| CSN (ADR) | US$1.02 | -0.97% |
| Ternium | US$55.20 | +0.16% |
Source: NYSE closing prices, 2026-08-25. SLX is the VanEck Steel ETF; CSN trades in New York as an ADR while its main listing is in São Paulo.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 174,576.80 | +1.55% | +21.85% | 171,906.72 | 168,310 | 167,142 | — |
| IPSA | 11,450.75 | -0.76% | — | 11,537.98 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,522.56 | -0.38% | +12.17% | 65,770.85 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,009,029 | +0.46% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,508.47 | -0.09% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,117.56 | +0.55% | — | — | — | — | — |
| 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
Brazil’s import regime remains the main structural support. The country charges a 25% tariff on above-quota imports of 19 steel products regardless of origin — a system renewed this year — while in-quota volumes pay far less.
On top of that, Brazil imposed five-year anti-dumping duties in early 2026 on Chinese cold-rolled and coated flat steel, and on pre-painted steel from China and India. A separate dumping investigation into Chinese wire rod is still running, with Gerdau pressing for action on hot-rolled coil next.
Chinese steel exports continue to act as the central drag on Latin American mill margins. Even with tariffs, imported material keeps a lid on domestic price increases, especially in long products used by construction.
04 The Latin American read
For Brazil, the story is protection with limits. Gerdau and CSN benefit from tariffs, but construction demand is steady rather than booming, leaving them exposed to any gap between domestic and import prices.
For Mexico, Ternium faces a similar Chinese import challenge in flat steel. Auto demand offers a floor, yet the company’s shares barely moved, suggesting investors want clearer evidence of a price recovery before adding exposure.
05 The names to watch
Gerdau is the purest way to own Brazilian long-steel and construction demand, but its US$4.36 close shows investors are not paying up for an aggressive recovery yet.
CSN is more volatile; its New York shares fell to US$1.02 after a sharp prior gain, making it a name for traders rather than steady holders. Ternium at US$55.20 is the bellwether for Mexican autos and flat steel.
SLX at US$108.91 remains the simplest global steel proxy for foreigners who want Latin American exposure without choosing a single producer or currency.
06 The outlook
The near-term path depends on whether Chinese export volumes stay elevated into Latin American ports. If they do, tariff protection may prevent collapse but will not create pricing power.
A pickup in Brazilian construction tenders or Mexican auto builds would be the strongest positive signal. Until then, expect the mixed, low-energy trading seen on Tuesday, August 25, 2026 to persist.
07 What to watch
- Chinese export volumes: Any sign of lower Chinese steel shipments to Latin America would relieve the main margin pressure on Gerdau, CSN and Ternium.
- Brazil trade decisions: New anti-dumping findings on Chinese wire rod or hot-rolled coil would directly move Brazilian steel shares.
- Construction demand: Faster Brazilian construction orders would improve long-steel volume for Gerdau and support CSN’s domestic sales mix.
- Mexican auto output: Stronger auto builds would lift flat-steel demand for Ternium and offset import competition in Mexico.
Frequently Asked Questions
Why did CSN fall after a strong previous session?
CSN’s New York shares dropped 0.97% to US$1.02 as some traders locked in gains after a jump of more than 5% the previous session, without any clear negative company news.
Does the 25% Brazilian tariff apply to all steel imports?
Brazil applies a 25% tariff on above-quota steel imports regardless of origin, meaning in-quota volumes enter more cheaply.
Is Ternium protected by tariffs like Brazilian mills?
Ternium faces import competition in Mexican flat steel and has less direct tariff protection than Brazil’s Gerdau, CSN and Usiminas in this cycle.
What is SLX?
SLX is the VanEck Steel ETF, an exchange-traded fund that tracks steel producers globally; it is a proxy for steel company performance, not the metal’s spot price.
Market data: RT
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