Why Cleveland-Cliffs Stock Just Rocketed to a 9-Year High
Cleveland-Cliffs (NYSE: CLF) shares rocketed by 12.7% as of 3:26 p.m. ET Thursday and hit a new 52-week high in afternoon trading. In fact, that's understating the matter: The steel stock last hit these levels in 2013. So if you're guessing something big just happened, you're right.
Russia's invasion of Ukraine has hit nearly every sector in some way, but the commodities sector is feeling an extreme degree of heat from it, and that includes metals like steel.
Both Russia and Ukraine are important exporters of pig iron, a key steel-making raw material. Supply has slumped due to sanctions on Russia and the suspension of manufacturing activities in Ukraine, sending prices of whatever pig iron is available through the roof. Prices for steel and steel products have followed suit. Prices for steel rebar in Europe, for instance, are also hitting record highs.
Source Fool.com
