Cliffs Natural Resources, U.S. Steel extend gains

Steel stocks pick up where they left off last week - with more gains - thanks largely to optimism over Chinese industrial growth: CLF +1%, X +1.9%, AKS +3.9%, STLD +2.7%, SID +1.5%.

Wells Fargo explains: Sheet pricing continues to march higher (albeit temporarily due to supply disruptions), the commodity market got a boost from improved sentiment on China (upped steel production forecasts and recorded record iron ore imports), and steel imports into the U.S. have moderated.

Examining the charts, Bespoke says if the steel ETF (SLX +0.6%) can soon break above a key resistance level that formed in May, traders may be looking at a new long-term uptrend forming.

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