Schnitzer Steel Industries (NASDAQ:SCHN), Steel Dynamics (NASDAQ:STLD),
POSCO (NYSE:PKX) all moved up with the broader commodity sector Thursday, as the announcement that the Federal Reserve was going to inflate again via its quantitative easing strategy pushed up the price of commodities in anticipation of the inevitable inflation to come.
Commodity prices going up included oil prices, gold, silver and aluminum. Gold prices reached record levels again, straining toward the $1,400 an ounce level. Silver surged past the $26 level, and seems poised to continue moving up.
The steel industry could go through a period of uncertainty as currencies respond to the fall in value of the U.S. dollar, which will affect margins because of the fluctuations in currency value and the battle by some against the Chinese renminbi, which they'll have to attempt to take defensive measures against.
Schnitzer Steel Industries closed at $53.15 Thursday, rising $1.02, or 1.96 percent. Steel Dynamics surged to close at $15.73, gaining $0.49, or 3.22 percent. POSCO was up to $108.38 at the end of the trading session, gaining $3.72, or 3.55 percent.
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