SLX tracks global steel producers, including a 43.1% tilt toward U.S. steelmakers, along with 14.5% Brazil, 12.5% U.K., 12.4% Netherlands, 8.1% South Korea, 5.3% Luxembourg and 4.1% Bahamas.

XME follows U.S. metals and mining companies, including a 52.0% position in steel producers.

China’s plans to layoff coal workers may also help support prices and prop up global coal producers. The Market Vectors-Coal ETF (NYSEArca: KOL) rose 6.7% over the past two days. KOL also includes global coal industry exposure, but the ETF has a heft 30.3% tilt toward China, along with 16.3% Australia, 15.2% U.S., 10.9% Canada, 8.1% Indonesia, 7.8% Thailand, 5.8% South Africa, 4.6% Philippines and 1.1% Poland.

Market Vectors Steel ETF

Max Chen contributed to this article.