The slower global economy has also lessened demand for steel products, with the International Monetary Fund lowering its projection of global economic growth to 3.3% from 3.5%.
Rio Tinto, the largest holding in SLX, representing 13.0% of the overall ETF, is also planning to spend $250 billion in new mines, which could further pressure prices that are expected to drop for at least the next three years, reports Jesse Riseborough for Mineweb.
Market Vectors Steel ETF
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Max Chen contributed to this article.