US steel stocks have had a tepid year after the spectacular rally last year, and there’s a sense of apprehension in the market that US steel prices could follow steel scrap lower.
However, just when US steel market sentiments were starting to get even more bearish, following a steep fall in steel scrap prices, a series of events gave steel stocks a boost last week.
Month-to-date, U.S. Steel has gained 6.6%, while AK Steel is up 3.7%. ArcelorMittal (MT), the world’s largest steelmaker, has gained 12.8% so far in October, based on closing prices on October 13. Notably, ArcelorMittal has outperformed US-based steelmakers this year, but almost all US-based steel companies are trading with year-to-date losses—even with last week’s upward price actions.
Last week was full of action for US steel stocks. For a broader context, you might be interested in reading the series US Steel Producers or Buyers: Who’ll Win the Tug-of-War to find out how lower steel scrap prices could impact different steel companies.
Keep reading this series (below) for a closer look at the major developments that impacted US steel stocks last week. We’ll also look at the key events that US steel investors should keep following this week.