Holdings Keep Steel ETF Firm and Strong
September 28th at 12:00pm by Tom Lydon
Several holdings within Market Vectors Steel ETF (SLX) rose this week, ensuring SLX dominates as one of the top performing exchange traded funds (ETFs). Boosted by high demand in countries such as China and India, SLX is up 74.0% year-to-date. To put that in perspective, the S&P 500 is up 8.0% year-to-date.
Shares of Brazil’s Companhia Vale do Rio Doce rose 4.2%, according to the Associated Press. Companhia Vale do Rio Doce is SLX’s largest holding at 16.4%. In addition, SLX’s second largest holding at 15.6%, Arcelor Mittal, has more than doubled in the past 12 months and is currently trading around record highs, reports Barry Sergeant for Mineweb. Arcelor Mittal is the world’s biggest steelmaker.
