Seeking Alpha

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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