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By Market News Video Staff, Monday, November 8, 9:47 AM ET
According to Canaccord Genuity sustainability analyst Eric Prouty, ferrous scrap prices are likely to rise for a prolonged period of time.
According to Canaccord's report, they are not saying there is a shortage of ferrous scrap in the US
today. Rather, they are looking longer term and anticipating what the future
holds for ferrous scrap prices in the US. In their view, the trend is almost certainly up.
Mr. Prouty said that companies poised to benefit from the long term trend in pricing include Metalico (AMEX:MEA), Schnitzer Steel Industries (NASDAQ:SCHN) and Sims Metal Management (NYSE:SMS). All three companies have buy ratings.
Metalico is 2.21% of the Market Vectors Environmental Services ETF (AMEX:EVX). Schnitzer Steel is about 2.1% of the First Trust Materials AlphaDEX Fund (AMEX:FXZ). And Sims Metal Management is approximately 0.85% of the Guggenheim EW Euro-Pacific LDRs ETF (EEN).
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