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The Market Vectors Steel ETF (NYSE: SLX) has gained nearly 30 percent thus far in 2016 as China transitions away from investment mode and into consumption mode. The spread of Chinese vs US Hot Rolled Coil (HRC) has swelled above recent highs. The China/US spread now stands around $242 and Europe/HS spread hovers around $170
Related Link: What Is The Deal With US Steel
The spike in Chinese HRC and iron ore is not expected to last long according to Cowen & Co's Anthony Rizzuto Jr.
He says prices are unlikely to remain above average over the longer-term. The on-going efforts to contain the HRC dumping experienced since 2014 may have little impact on price here in the US should the Chinese ship products to another country which then in turn displaces product to the US resulting in increased supply driving prices lower.
Rizzuto Jr. maintains AK Steel (NYSE: AKS), Nucor Corp (NYSE: NUE), AlcelorMittal (NYSE: MT), & US STeel (NYSE: X) at Market Perform. He maintains Steel Dynamics (NASDAQ: STLD) and Reliance Steel & Aluminum (NYSE: RS) at Outperform.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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