Shares of Cleveland-Cliffs Went on a Wild Ride in November
After bouncing all over the place with several days where stock prices changed by 3% or more in November, Cleveland-Cliff's (NYSE: CLF) stock finished November with a 7.25% gain. While no specific story triggered a sizable gain, rising international iron ore prices had a lot to do with the improving stock price.
For years the consensus opinion was that the iron ore industry was in a deep downturn from which it had yet to recover. Traders were consistently scared to buy into iron ore or iron ore focused companies because they saw China scaling back steel production and the massive buildup of iron ore stockpiles at Chinese docks.
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Source: Fool.com