While the US slapped tariffs on imports on several key product categories, the US steel industry’s fortunes haven’t really revived.
In 2020, gold prices have been shining due to turmoil in the equity market. The S&P 500 Index (NYSEARCA:SPY) has fallen by 12.4% on a YTD basis.
U.S. Steel Corporation (NYSE:X) released its first-quarter earnings on Thursday after the markets closed. The earnings were better than expected.
The earnings season is in full swing. This week, Nucor (NYSE:NUE) and U.S. Steel Corporation (NYSE:X) will likely release their first-quarter earnings.
Usually, the correlation between gold prices and oil prices is positive for two main reasons. First, both are denominated in the US dollar.
Alcoa will likely report its first-quarter earnings on April 22 after the markets close. The stock has risen sharply from its March lows.
US steel prices have come under pressure this month following weakness in other industrial metals. The worst might not be over for industrial metals.
US steel production data reflect the impact of COVID-19. In the week ending April 4, production fell by 18.9% compared to the same period in 2019.
U.S. Steel Corporation (NYSE:X) has been under pressure due to the coronavirus, falling crude oil prices, and a weak balance sheet.