Jul. 13 at 3:52 PM
$CLF Here is the why on why we are up today.
The biggest drivers are:
* Investors are positioning ahead of earnings. Steel Dynamics reports next week, and Nucor follows shortly after. Traders often buy the stronger names ahead of earnings if they expect resilient pricing or positive guidance.
* Domestic steel pricing remains supportive. U.S. hot-rolled coil (HRC) prices are still well above historical averages, helped by the current tariff structure that limits import competition.
* Iron ore prices were firmer overnight in parts of Asia, which is being interpreted as a sign of stable steel demand rather than weakening industrial activity.
* The market is also rotating into industrial and materials names ahead of this week’s inflation data and the start of a busy earnings season.
