# Steel Fund Drops 3.29% as Ternium Falls 6.04%

> Latin American steel stocks tumble as China's dominance and Mexican tariffs weigh on producers.
- Title: Steel Fund Drops 3.29% as Ternium Falls 6.04% · The Rio Times
- Summary: Latin American steel stocks tumble as China's dominance and Mexican tariffs weigh on producers. Latin American steel producers fell 3.29% on Thursday as…
- Keywords: slx fund, ternium, csn, gerdau, ibovespa, chinese steel imports, mexican tariffs, steel market, news, world, politics, Steel
- Source: The Rio Times — https://riotimesonline.com/steel-markets-latam-thursday-october-22-2026
- Author: Diego Fernández
- Published: 2026-10-23T00:50:12+00:00
- Read time: 1 min
- Topics: slx fund, ternium, csn, gerdau, ibovespa, chinese steel imports, mexican tariffs, steel market, news, world, politics
## Steel Fund Falls 3.29%
The SLX steel fund fell 3.29% to US$99.96 on Thursday 22 October 2026, its weakest close of the week.
## Ternium Drops 6.04%
Ternium lost 6.04% to US$55.36, CSN’s New York shares fell 5.45% to US$1.04 and Gerdau lost 3.24% to US$5.07.
## Brazilian Markets Decline
In São Paulo, CSN fell 5.43% and Usiminas 4.81% as Brazil’s Ibovespa lost 1.15%.
## China's Steel Import Share
China supplied 45.4% of Latin America’s steel imports in 2025, according to the steel association Alacero.
## Mexican Tariffs on Imports
Mexico has charged tariffs of up to 50% on 1,463 product lines from countries without a trade deal since 1 January 2026.
## Market Assessment
Steel shares fell with the broad market, with Ternium, CSN and Gerdau all down more than 3%. Import competition from China remains the structural drag.
## Key Market Moves
The Nasdaq fell about 2.6%, an oil rally raised inflation worries and investors sold cyclical shares, which include steelmakers.
## Brazilian Steel Producers
Brazil’s flat-steel producers, such as CSN and Usiminas, compete most directly with Chinese coated and cold-rolled imports.
## Mexican Producer Exposure
Mexican producers face softer domestic demand even with tariffs in place, and Ternium’s fall of 6.04% shows how exposed its shares are to that mood.
## What to Watch Next
Investors should watch whether the shares recover on Friday and how Brazil’s election result on Sunday affects domestic cyclical stocks.
## Near-Term Outlook
The near-term path depends on global risk appetite. A rebound in technology shares would probably help steel shares first.
## Long-Term Test
The longer-term test is whether tariffs and local demand can lift margins while Chinese exports stay high.
## Key takeaway

Latin American steel producers fell 3.29% on Thursday as Ternium dropped 6.04% amid China's 45.4% steel imports and Mexican tariffs.