Key Facts
Global steel proxy outperformed Latin names with the SLX steel-producers ETF closing at 100.40 $, up +1.42% day-on-day on 2026-07-21, while key Brazilian and Mexican names moved only modestly in comparison.
Brazilian steel demand is almost flat with apparent rolled steel consumption up just 0.1% year on year at 6.5 million tonnes in March 2026, according to Alacero data cited by SteelOrbis.
Latin American crude steel output is edging higher reaching 4.9 million tonnes in March 2026, up 1.1% year on year, even as first-quarter production fell 1.9% to 13.9 million tonnes.
Imports of cheap Chinese steel are finally easing with Latin American steel imports down 8.6% year on year in March to 2.5 million tonnes and 1.2% lower in the first quarter at 7.6 million tonnes.
