SLX Could Be Heading For A New Record High

Andrew Hecht Investing Group Leader Follow Summary The VanEck Steel ETF 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. I recommend accumulating SLX on corrections, as demand, trade policies, and inflationary pressures support a constructive long-term thesis. Looking for more investing ideas like this one? Get them exclusively at Hecht Commodity Report. Learn More » tiero/iStock via Getty Images I downgraded the VanEck Steel ETF ( SLX ) from Buy to Hold in a May 13, 2026, Seeking Alpha article, concluding with the following: While I believe it will eclipse the 2008 record high of $114.12 per This article was written by Andrew Hecht 31.42K Followers Follow Andrew Hecht is a 35-year Wall Street veteran covering commodities and precious metals. He runs the investing group The Hecht Commodity Report, one of the most comprehensive commodities services available. It covers the market movements of 20 different commodities and provides bullish, bearish and neutral calls; directional trading recommendations, and actionable ideas for traders. Learn more. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. The author always has positions in commodities markets in futures, options, ETF/ETN products, and commodity equities. These long and short positions tend to change on an intraday basis. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.