By The Rio Times | Created at 2026-10-10 01:01:58 | Updated at 2026-10-10 04:46:28
3 hours ago
Key Facts
- The steel fund SLX rose 1.81% to US$103.80 on Friday 9 October, and is up 0.26% on the week.
- Brazil’s Gerdau gained 4.07% to US$5.12 and CSN 4.07% to US$1.28; Ternium, which operates in Mexico and Argentina, rose 3.03% to US$58.18.
- Global steelmakers rallied: ArcelorMittal rose 4.58%, Cleveland-Cliffs 6.48% and Nucor 1.70%.
- Chinese mills remain under pressure: only a small minority were profitable, according to a report carried by Kitco.
Today’s Focus
Steel stocks rose on Friday 9 October as markets rallied. The SLX fund, which holds steelmakers worldwide, gained 1.81% to US$103.80.
Latin American producers did better than the fund. Gerdau, Brazil’s largest steelmaker, rose 4.07% in New York. CSN gained 4.07% and Ternium 3.03%.
The gains came despite weak Chinese demand. Kitco reported that only a small minority of Chinese steelmakers were profitable, a sign that Chinese mills may keep exporting at low prices.
What matters today. Steel shares rose with the market, but the sector’s profit outlook has not changed.
01 The session in one read
SLX closed at US$103.80. Gerdau closed at US$5.12, CSN at US$1.28 and Ternium at US$58.18. ArcelorMittal closed at US$64.11, up 4.58%, and the US producers Nucor and Cleveland-Cliffs also rose.
The moves were broad, which points to market-wide buying. The S&P 500 rose 0.59% and the Brazilian market hit a record.
We found no company announcement for Gerdau, CSN or Ternium on Friday that explains the size of their gains.
Assessment — A broad rally, not a steel story LOW
When the S&P 500 and the Ibovespa rise together, cyclical shares such as steel often jump more than the market.
The sector’s problems, Chinese overcapacity and weak margins, are unchanged. Friday’s move should not be read as a turn.
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02 The board
| Steel fund SLX | US$103.80 | +1.81% |
| Gerdau | US$5.12 | +4.07% |
| CSN (ADR) | US$1.28 | +4.07% |
| Ternium | US$58.18 | +3.03% |
| ArcelorMittal | US$64.11 | +4.58% |
| Nucor | US$250.33 | +1.70% |
Source: RT close, 2026-10-09. SLX holds steelmakers worldwide and is not a steel price.
RT has no steel price series, so the fund and the producers serve as proxies. The RT calendar listed no Chinese releases for 9 October.
Live Market IntelligenceThe live market boardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.
Rio Times · Live Market Intelligence
Latin America — Cross-Market Board
Regional
Oct 9, 2026 · 21:57
Ibovespa · benchmark
209,066.90 +1.38%
L 167,142day rangeH 168,310
+21.85% over 12 months
Market breadth · 5 names
80% advancing
4 ▲ advancing1 declining ▼
Currencies, rates & key inputs
Latin America scoreboard
IndexLastTodayStrength
IbovespaBrazil 209,066.90 +1.38%
S&P/BMV IPCMexico 65,427.71 +0.68%
S&P IPSAChile 11,044.42 +0.18%
S&P MERVALArgentina 2,828,027 -0.16%
MSCI COLCAPColombia 2,531.15 +0.21%
BVL S&P PerúPeru 59,610.00 +2.26%
Full instrument board
| IBOV | 209,066.90 | +1.38% | +21.85% | 206,220.24 | 168,310 | 167,142 | — |
| IPSA | 11,044.42 | +0.18% | — | 11,024.22 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,427.71 | +0.68% | +12.17% | 64,986.91 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,828,027 | -0.16% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,531.15 | +0.21% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,610.00 | +2.26% | — | — | — | — | — |
| 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 | — |
Largest moves today
BVL PERÚ 59,610.00 +2.26%
USD/PYG 5,939 +1.68%
IBOV 209,066.90 +1.38%
USD/DOP 58.34 +1.25%
USD/UYU 40.27 +1.24%
EUR/BRL 5.95 +1.01%
USD/CRC 445.92 +0.89%
USD/BOB 11.64 -0.76%
The session read
The Ibovespa rose 1.38%, with breadth positive — 4 of 5 names higher. BVL PERÚ led, while MERVAL lagged.
G
◆ Live Company Intelligence
Gerdau
SA: GGBR4GGBR4Basic MaterialsSteel30,000 employees
Valuation & profitability
Market capR$48.59B
Revenue (TTM)R$69.54B
P / E ratio21.5
Profit margin3.2%
Return on equity4.2%
Price & risk
52-wk low
$16.6652-wk high
$27.13
Beta (volatility)0.89
200-day average$22.54
Revenue trend · 6y
20202025
Latest R$69.86B
Ownership
Institutions38.5%
Shares outstanding1.24B
Dividend
Yield3.1%
Payout ratio26.3%
Fwd. annual$0.92
What Gerdau does. Gerdau S.A., together with its subsidiaries, operates as a steel producer company. It operates through Brazil Business, North America Business, and South America Business segments. The company offers rebars, bars, wires, thick plates, hot rolled coils, billets, blooms, plates, wire rods, and structural profiles. It also provides special steel products for agricultural,…
03 What moved it: the market and the Brazilian rally
The Brazilian rally is the best explanation for Gerdau and CSN, which are local-market stocks with large domestic businesses. A stronger real and lower interest-rate futures help them.
Ternium’s 3.03% gain tracked the Mexican and global rally. The Mexican IPC rose 1.63%.
Kitco’s report on thin Chinese margins is the main risk to the sector: it suggests China will keep exporting steel at low prices.
04 The Latin American read
Brazil, Mexico and Argentina are the region’s main steel producers. They compete with cheap Chinese steel, which is why trade protection is a constant issue for the sector.
We did not verify current tariff rates for this note, so we do not quote them.
05 The names to watch
Gerdau is Brazil’s largest steelmaker and focuses on long products for construction. CSN makes flat steel and also mines iron ore.
Ternium is the leading flat-steel producer in Mexico and also operates in Argentina and Brazil.
06 The outlook
Steel shares depend on construction demand, on interest rates and on Chinese exports. A lower Brazilian interest rate would help Gerdau and CSN.
A rise in Chinese mill margins would signal less pressure from exports, but we see no sign of it yet.
07 What to watch
- Brazilian interest rates: Falling rates would help construction demand.
- Chinese exports: Customs data would show whether exports are still rising.
- Iron ore prices: A lower ore price helps mills’ costs but hurts CSN’s mining income.
- Mexican trade policy: US tariff news matters for Ternium.
Background: Steel ETF Slips 0.5% as Gerdau Falls 2% | Steel, Oct 8.
Frequently Asked Questions
Why did steel stocks rise on 9 October 2026?
The wider market rallied. The SLX fund gained 1.81%, Gerdau 4.07% and Ternium 3.03%.
Why are Chinese steel margins important?
Thin margins mean Chinese mills cut ore purchases and push exports, which lowers prices elsewhere.
What is SLX?
SLX is an exchange-traded fund that holds steelmakers around the world. It is not the price of steel.
Which Latin American steelmakers are listed in New York?
Gerdau and CSN from Brazil, and Ternium, which operates in Mexico, Argentina and Brazil.
Market data: RT; Chinese steel margins: Kitco; prediction markets: none found for steel
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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