Steel Stocks Fall Sharply On Disappointing Chinese Trade Data

(RTTNews) - Despite the lackluster performance being turned in by the broader markets, steel stocks are seeing substantial weakness during trading on Monday. The NYSE Arca Steel Index has plummeted by 6.7 percent to its lowest intraday level in a month.

The sell-off by steel stocks comes as disappointing Chinese trade data has raised concerns about the outlook for global demand.

A report showed that Chinese exports fell 1.8 percent year-over-year in April compared to expectations for a flat reading. Chinese imports also plunged by 10.9 percent, bigger than the 4 percent drop expected by economists.