Key Facts
- The steel producers fund SLX fell 2.48% to US$102.43 and Gerdau 1.95% to US$5.02 on Wednesday 7 October (RT).
- Ternium fell 0.98% to US$56.41, while CSN was unchanged at US$1.23 in New York.
- China’s crude steel output fell 3.7% in August from a year earlier and 3.1% in January–August, the National Bureau of Statistics reported.
- Brazil’s vehicle production rose 10.2% in September, the best for the month since 2014, while Mexico’s light-vehicle output fell 15.1% (Anfavea; INEGI).
Today’s Focus
Steel shares fell on Wednesday 7 October. The SLX fund, which holds steel producers worldwide, lost 2.48% to US$102.43. Gerdau, Brazil’s long-steel maker, lost 1.95% in New York.
Ternium, which has plants in Mexico and Argentina, lost 0.98%. CSN, a Brazilian flat-steel group, was unchanged.
The backdrop is cheap imports and weak Chinese demand. Car factories sent mixed signals: Brazil’s output rose, Mexico’s fell.
What matters today. Latin American steelmakers face import pressure and soft global demand. Tariffs help but do not remove the pressure.
01 The session in one read
Steel shares declined on Wednesday 7 October. Gerdau fell 1.95% to US$5.02, and Ternium 0.98% to US$56.41. CSN closed unchanged at US$1.23.
China’s crude steel output fell 3.7% in August from a year earlier, according to the National Bureau of Statistics. Lower Chinese output can mean more exports of cheap steel to other regions.
We have no verified steel price for the session, so this wrap follows shares and a fund.
Alacero projected in November 2025 that imports would reach 39.7% of steel consumption in Latin America in 2025, with Chinese mills supplying 45.4% of those imports.
The variable to watch is whether Brazil and Mexico widen their trade defences. Brazil’s quota-and-tariff system, with a 25% rate above quotas, is seen by the industry as insufficient, according to Aço Brasil.
02 The board
The SLX fund, which holds steel producers worldwide, fell 2.48% to US$102.43. Gerdau fell 1.95% to US$5.02. Ternium fell 0.98% to US$56.41. CSN was unchanged at US$1.23.
| Asset | Level | Change |
|---|---|---|
| Steel producers fund (SLX) | US$102.43 | -2.48% |
| Gerdau | US$5.02 | -1.95% |
| Ternium | US$56.41 | -0.98% |
| CSN | US$1.23 | 0.00% |
Source: RT, close of 2026-10-07. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
No steel price was verified for the session; shares and a fund are labelled proxies. Brazil’s Anfavea reported that Auto Production rose 10.2% to 268,300 vehicles in September, while INEGI reported that Mexico’s light-vehicle production fell 15.1% to 301,803 units. Rio Times · Live Market Intelligence
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Latin America — Cross-Market Board
Instrument Last Change YoY Prev. High Low Volume
IBOV
204,302.33
-0.74%
+21.85%
205,835.29
168,310
167,142
—
IPSA
10,999.64
-1.47%
—
11,163.42
11,210
10,984
1,513,213,483
IPC MEX
64,460.91
-1.30%
+12.17%
65,312.46
66,121
65,405
108,886,187
MERVAL
2,824,123
-2.51%
+30.51%
3,022,485
3,042,365
2,991,150
—
COLCAP
2,534.92
-2.09%
—
9.04
9.05
9.02
4,133
BVL PERÚ
60,766.81
-1.71%
—
—
—
—
—
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
—
Live Company IntelligenceGerdau S.A — the full investor dossier
Valuation & profitability
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$16.6652-wk high
$27.13Revenue trend · 6y
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Dividend
03 What moved it
China is the world’s largest steelmaker. With home demand weak and output falling 3.7% in August, more of its steel can be sold abroad.
Alacero said in its November 2025 report that Chinese imports into Latin America were at record levels. Brazil’s steel institute Aço Brasil says China’s share of Brazil’s steel imports fell to about 50% in the first eight months of 2026.
The wider market also fell on Wednesday, as higher US yields and a firmer dollar weighed on industrial shares.
04 The Latin American read
For Brazil, the government introduced a quota-and-tariff system with a 25% rate above quotas, but the industry says the effective average import tariff is only about 7.2%, according to Aço Brasil.
Car production gives a mixed picture. Brazil’s rose 10.2% from a year earlier, which supports flat-steel demand, while Mexico’s fell 15.1% and exports fell 11.9%, a risk for Ternium’s Mexican business.
05 The names to watch
Ternium is the group with the biggest exposure to Mexico and Argentina. Gerdau focuses on long steel for construction in Brazil and elsewhere. CSN makes flat steel and also owns an ore miner.
Gerdau fell most of the three, and CSN held steady.
06 The outlook
The near-term path depends on trade defences and on Chinese export volumes. New duties would help local mills.
Weak construction demand in the region would keep pressure on margins.
07 What to watch
- Trade defences: New tariffs or quota changes in Brazil or Mexico would help local producers.
- China steel output and exports: Lower output may mean fewer exports, but weak demand can push more steel abroad.
- Mexican factory output: Ternium is tied to Mexican industry; INEGI’s next data will show whether the fall continues.
- Construction activity: Gerdau depends on building demand in Brazil.
Background: Steel ETF Slips 0.1% as Ternium Falls 1.7% | Steel, Oct 6.
Frequently Asked Questions
Which steel shares fell on 7 October?
Gerdau fell 1.95% to US$5.02 and Ternium 0.98% to US$56.41 in New York, while CSN was unchanged at US$1.23.
Why does China matter for Latin American steel?
Chinese mills supplied about 45.4% of Latin America’s steel imports in 2025, according to an Alacero projection, which pressures local prices.
What tariffs does Brazil use on steel?
Brazil uses a quota system with a 25% tariff above quotas. The industry says the effective average tariff is only about 7.2%, according to Aço Brasil.
What is the SLX fund?
SLX is a fund that holds steel producers around the world. It fell 2.48% to US$102.43 on 7 October.
Market data: RT; import data: Alacero; steel output: National Bureau of Statistics of China; vehicles: Anfavea, INEGI
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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