The VanEck Vectors Steel ETF (NYSEArca: SLX) is one of 2016’s best-performing industry exchange traded funds.
Since the start of March, U.S. steel has been gaining ground when Congress passed a new customs and trade enforcement bill that allowed the Obama administration to take action against Chinese dumping. The Department of Commerce imposed a 265.79% tariff on Chinese steel, according to the Wall Street Journal.
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“The XME has plenty of resistance to get through as it attempts to move through all of the post-2008 overhead supply. That include relevant Down trendlines on a log scale chart. However, the fact that the XME has rebounded off of this post-2011 Down trendline is a positive in a potentially longer-term developing turn,” reports See It Market.