Cleveland-Cliffs and U.S. Steel Corporation stocks have fallen this week amid the broader market sell-off. The sector barely recovered from the trade war.
Domestic mills blame China for the domestic industry’s woes. However, China only exported about 24,000 metric tons of steel to the US last month.
US steel companies’ stock prices have fallen this year amid the coronavirus scare. Concerns about the coronavirus hit the Chinese economy.
CLF reported its fourth-quarter earnings on February 20 before the markets opened. The company generated revenues of $534 million in the quarter.
U.S. Steel stock made an intraday low of $8.65 on Tuesday before closing marginally higher for the day. The level was a new 52-week low for the stock.
US steel imports fell sharply in December. In 2019, imports fell to the lowest level since 2010. However, the fall hasn’t helped U.S. Steel stock.
U.S. Steel Corporation (X) fell sharply in 2018 and 2019. So far, 2020 hasn't been any better for the stock. The stock has lost almost 8% as of January 17.
The gold rally has eased a bit this week. Since December, Barrick Gold and Newmont Goldcorp have exhibited decent uptrends until recently.
Silver has shown a decent uptrend since December. Easing trade relations with China was one of the important factors driving silver prices.