Steelmakers are worth the most in years

Steel stocks are trading at the highest since 2011 and it’s mostly thanks to the industry’s biggest menace in recent years — China. Demand in China, which produces half the world’s steel, has been surprisingly strong this year and the country closed some plants to ease a glut that had spread across the globe. That’s led to a steep drop in exports, helping steel prices extend a recovery and pushing a Bloomberg gauge of global steel stocks up 45 per cent in the past year. That’s triple the advance in the Bloomberg World Mining Index. China has been blamed by politicians including US President Donald Trump and top producers in recent years for causing a price rout and forcing European and American plants out of business. That’s prompted nations from the US to Ukraine to now have more than 100 trade restrictions on imports from China to protect their own industries from cheap steel. Future & Option Trading Tips