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U.S. Steel (X) Stock Down on Chinese Demand Concerns

NEW YORK (TheStreet) -- U.S. Steel (X - Get Report) stock is plummeting by 13.05% to $16.42 in late-morning trading on Monday, as an increase in both steel exports and prices in China stokes concerns about domestic demand from the top user.

China's net exports rose by 8.8% in April from a year before and by 9.4% between January and April compared to the year-ago period, the Wall Street Journal reports. Shanghai front-month futures prices for rebar steel soared by 48% between January and April.

Steel-product exports surged "despite a rebound of domestic steel prices, indicating that Chinese steel demand may be weaker than...


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