Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

4 Steel Stocks to Buy for a Year-End Rally

Published 09/09/2021, 03:39 PM
Updated 09/09/2021, 04:30 PM
© Reuters.  4 Steel Stocks to Buy for a Year-End Rally

© Reuters. 4 Steel Stocks to Buy for a Year-End Rally

The growing demand for steel across key markets and output cuts by the world’s largest producer, China, combined is driving steel prices to record highs. Hence, quality steel stocks Nucor (NUE), Ternium (TX), Reliance Steel & Aluminum (RS), and Commercial Metals (CMC) should witness plenty of upsides in the upcoming months.The steel industry has witnessed a solid recovery due to rising demand from increasing industrial activity and construction projects over the past few months. This, combined with the world’s largest steel producer China’s curb on output to reduce carbon emissions, is driving steel prices higher. China’s production cuts will likely continue in the second half, creating a big supply crunch and keeping the market red hot.

On the other hand, the Senate’s passage of the $1 Trillion Infrastructure Bill, which allotted $550 billion to improve and develop America's infrastructure over the next five years, should add to steel demand.

Given this healthy global demand and rising prices, it could be wise to bet on fundamentally sound steel stocks Nucor Corporation (NYSE:NUE), Ternium S.A. (TX), Reliance Steel & Aluminum Co. (RS), and Commercial Metals Company (NYSE:CMC).

Continue reading on StockNews

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.