U.S. ferrous metals including steel could receive a boost in prices from Tropical Storm Harvey as Houston, decimated by the storm, handles between 30% to 35% of U.S. steel imports, KeyBanc analyst Philip Gibbs noted.

The storm could also cause delays in both imports and exports of steel, and Gibbs sees the effects as a "relative tactical positive" for steel companies including U.S. Steel (X) - Get United States Steel Corporation Report and AK Steel (AKS) - Get AK Steel Holding Corporation Report .

Gibbs contends that scrap prices in the U.S. will increase $15 to $30 per long ton in September, to make up for an uptick in recent export pricing. But prices could increase further because of Harvey's impacts.

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Shares of U.S. Steel were climbing over 3%, while shares of AK Steel were rising over 2% in afternoon trading on Tuesday.

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