The rally in the steel sector can be attributed to the news that Europe has a plan to quell the sovereign debt crisis, and the upbeat economic reports coming from the U.S. For the longer term, steel prices will have to grapple with a slowdown in emerging economies and the possibility of economic malaise in developed nations.
SLX gained over 20% in October. PowerShares Global Steel Portfolio (NYSEarca: PSTL) is another steel ETF.
Market Vectors Steel Index Fund
Tisha Guerrero contributed to this article.