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Steel Dynamics, Nucor, and Cleveland-Cliffs shares rise as escalating U.S.-Canada trade tensions put steel tariffs back in focus.
The VanEck Steel ETF (SLX) is upgraded from Hold to Buy as bullish steel fundamentals persist into August 2026. Tariffs, sanctions, and rising production costs have driven steel prices higher, with SLX nearing its 2008 all-time high. SLX's diversified holdings include major steel producers and commodity giants, with strong U.S. policy support benefiting names like NUE.
Materials are often viewed as a sleepy, cyclical corner of the market, but the artificial intelligence (AI) buildout is adding vim and vigor to the sector.
SLX hit a new 52-week high in early June, raising questions about further upside amid shifting industry trends.
SLX hits a new 52-week high, climbing 77.6% from its low as demand for steel rises amid acceleration in global data center construction.
VICTORIA, Seychelles, May 26, 2026 (GLOBE NEWSWIRE) -- MEXC , a pioneer in 0-fee digital asset trading, has announced the listing of Solstice Finance (SLX) in its Innovation Zone. Spot trading for the SLX/USDT pair is now available, with withdrawals scheduled to open on May 26, 2026, at 14:00 (UTC).
VICTORIA, Seychelles, May 26, 2026 (GLOBE NEWSWIRE) -- Bitget , the world's largest Universal Exchange (UEX), has announced the addition of Solstice Finance (SLX) for spot trading in the Solana ecosystem zone. Trading for the SLX/USDT pair opens on May 25, 2026, 14:00 (UTC), with withdrawals available from May 26, 2026, 15:00 (UTC).
The VanEck Steel ETF has sustained a bullish trend, nearing its 2008 all-time high, driven by rising steel prices and global supply-demand dynamics. SLX is rated a hold, as recent price strength increases correction risk, but long-term drivers—military demand, inflation, and potential Chinese recovery—remain supportive. Tariffs and trade protectionism have bolstered U.S. steelmakers, while elevated input costs and interest rates present ongoing challenges for steel demand.