Why Steel Dynamics Stock Looks Red Hot Today

Shares of steel mini-mill operator Steel Dynamics (NASDAQ: STLD) were running higher in afternoon trading on the Nasdaq Thursday, up 5.1% as of 2 p.m. ET.

There were a couple of apparent catalysts behind the move -- but to be honest, neither of them seems particularly worth getting excited over.

Beginning with the macro view, steel prices are up by about 10% over the past month, according to data from Trading Economics. That's nice for steelmakers, of course -- but those prices are also down by about 2% over the past 10 days. So while the trend in steel prices is still higher, the ride has been choppy.

Source Fool.com