Take this pig down to mid 60's easy. Steel inventories are up while demand is down, especially in sheet steel. U.S Steel Gary Works has idled #4 and #6 furnaces. They may idle 2 more. Other mills idling as well. Mittal(Inland Steel) taking down one furnace in East Chicago, IN.. and Cleveland. Just way too much capacity for shrinking demand.
Short X
- Thread starter CaptainObvious
- Start date
Watch these guys to know when steel production is coming back. Symbol is FDG. Don't know that I'd short FDG as they've already taken a beating this year. Some research will show they have some real cheap call options. They're cheap for a reason, but could be a good gamble trade longer term.
Fording is Canada's largest producer of metallurgical coal - the main fuel used in blast furnaces to make steel.
Fording is Canada's largest producer of metallurgical coal - the main fuel used in blast furnaces to make steel.
YES! Down hard today. Sooner, or later, reality must prevail.
Sector Snap: Steel Stocks Slide
Thursday December 14, 3:31 pm ET
Steel Producer Stocks Hit by Regulator's Decision to Revoke Tariffs on Steel Imports
Another nail in the coffin
Thursday December 14, 3:31 pm ET
Steel Producer Stocks Hit by Regulator's Decision to Revoke Tariffs on Steel Imports
Another nail in the coffin
Well, I was about 3 weeks early as usual, but this has much more downside that up at this point. Still short!
Your call was right.
All steel is headed lower.
Do I dare say almost all metals (even nickel) are headed down?
Copper will burn.
All steel is headed lower.
Do I dare say almost all metals (even nickel) are headed down?
Copper will burn.
I'm looking for 66, or the 30th earnings report, whichever come first. Frankly, I didn't expect to be in this long, but I cannot see how they do anything but disappoint and lower guidance.
LOL, good luck, cause you'll need it.
Look at the headlines of 2006 of the metal miner sector and establish a trend.
Long X since the high 50s, no way I'm getting out cause of some sucker selling. You guys think it's just an anomaly that X started leading the $STQ 4-5 months ago?
Look at the headlines of 2006 of the metal miner sector and establish a trend.
Long X since the high 50s, no way I'm getting out cause of some sucker selling. You guys think it's just an anomaly that X started leading the $STQ 4-5 months ago?