Steel Fund Dips 0.12% as Gerdau Falls 3.01% | Steel, Oct 28
Key Facts
- Gerdau, a Brazilian steelmaker, fell 3.01% in New York to US$4.51 on Wednesday, October 28.
- CSN, another Brazilian steel and mining group, plunged 7.55% to US$0.80 in the sharpest drop among Latin American steel names.
- Ternium, a Luxembourg-based steelmaker with main plants in Mexico, lost 1.39% to US$53.92 while US producers Nucor and Steel Dynamics gained 0.37% and 1.29%.
- The global steel ETF (SLX) slipped 0.12% to US$101.43 on very light trading volume.
Today’s Focus
Latin American steelmakers fell on Wednesday while their US rivals gained. Gerdau lost 3.01%, Ternium 1.39% and CSN a heavy 7.55% in New York trading.
Nucor, a major US steelmaker, rose 0.37% to US$271.79, and Steel Dynamics gained 1.29% to US$249.99.
Steel is made from iron ore and scrap, and it is a barometer for building and manufacturing, so the split between Brazil and the United States is worth watching.
What matters today. Brazil and Mexico sell steel into a US market that protects its own mills, so the gap between US gains and Latin American losses shows how exposed the region is to trade policy and to Brazil’s own sell-off.
01 The session in one read
Gerdau closed at US$4.51, down 3.01%, and CSN at US$0.80, down 7.55%. Ternium ended at US$53.92, down 1.39%.
The global steel fund SLX moved little, down 0.12% to US$101.43, but its trading volume was tiny, so the reading is weak.
Brazil’s Ibovespa fell 2.68% on Wednesday, so the Brazilian steelmakers fell with the market. We could not confirm company-specific news.
Gerdau and CSN fell with Brazil’s stock market, while US steelmakers rose. That suggests the pressure is local and not a global steel story.
The variable to watch is trade policy: any change in US tariffs on steel would affect Brazilian and Mexican exports quickly.
02 The board
The table shows Latin American steelmakers and US peers. CSN’s share price is under US$1, so its percentage moves look large.
Gerdau and CSN are Brazilian, and Ternium is a Luxembourg-based group with main plants in Mexico, Argentina and Brazil.
| Asset | Level | Change |
|---|---|---|
| Gerdau (Brazil) | US$4.51 | −3.01% |
| CSN (Brazil) | US$0.80 | −7.55% |
| Ternium (Mexico, Argentina, Brazil) | US$53.92 | −1.39% |
| Steel fund (SLX) | US$101.43 | −0.12% |
| Nucor (US) | US$271.79 | +0.37% |
| Steel Dynamics (US) | US$249.99 | +1.29% |
Source: RT close, 2026-10-28. 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 | 171,006.10 | -2.68% | +19.56% | 175,710.05 | 178,526 | 175,157 | — |
| IPSA | 10,677.88 | -0.82% | — | 10,766.07 | 10,722 | 10,633 | — |
| IPC MEX | 68,960.68 | -1.08% | +12.74% | 69,711.87 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,505.79 | -0.03% | — | — | — | — | — |
| 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
There was no steel-specific data on the economic calendar for 28 October. The main macro event was the decision of the US Federal Reserve, the US central bank, to hold rates at 3¾% to 4%, with two voters preferring a rise.
The sharp fall in Brazilian steel shares matches the 2.68% drop in the Ibovespa.
04 The Latin American read
Brazil is Latin America’s largest steel producer, and Gerdau and CSN are among its leaders. Their falls added to a weak day for Brazilian industrials.
Mexico’s IPC fell 0.76%, and Ternium’s 1.39% decline was mild by comparison. Mexico’s steel sector is closely tied to US demand.
05 The names to watch
Gerdau is the best-known Brazilian steel name for US investors, as it also operates mills in the United States.
Ternium offers exposure to Mexican manufacturing. CSN combines steel with iron-ore mining, which explains its larger swings.
06 The outlook
Steel shares in Latin America will probably follow Brazil’s market in the near term. A recovery in the Ibovespa would help Gerdau and CSN.
US producers look steadier, as Nucor and Steel Dynamics gained.
07 What to watch
- US trade policy: Tariff changes would hit Brazilian and Mexican exporters.
- Brazil’s market: Gerdau and CSN follow the Ibovespa.
- Quarterly results: Earnings will show margins for each steelmaker.
- The real: A weaker real raises costs for Brazilian firms with dollar debt.
Frequently Asked Questions
Why did Gerdau and CSN fall on Wednesday?
Both fell with Brazil’s stock market, which lost 2.68%. We could not confirm company-specific news.
Which steelmakers do US investors follow?
Gerdau, Ternium and CSN are the main Latin American names listed in New York, alongside US producers such as Nucor.
What is the SLX fund?
It is a US-listed fund that holds steel companies worldwide.
Is there a steel price in this report?
No. We could not verify a spot or futures price for the session, so we show listed companies as labelled proxies.
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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