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NEW YORK - Shares of steel producers rose Monday after an analysis of the sector concluded that the price of the commodity has significantly further to climb.
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Barclays Capital analyst Amrita Sen said demand for the commodity has yet to peak--which means this year's price increases will likely be followed by more such gains.
"The recent surge in steel prices can in no sense be seen to have peaked, given the tightness in the scrap and raw material market," the analyst wrote.
Sen specifically cited infrastructure development in both China and India as driving increased steel demand.
In afternoon trading, shares of Cleveland-Cliffs Inc. rose $9.01, or 8.1 percent, to $120.33, Gerdau SA rose 87 cents, or 3.8 percent, to $24, AK Steel Holding Corp. rose $1.53, or 2.2 percent, to $69.74, Ameron International Corp. rose $3.86, or 3.3 percent, to $121.86 and Olympic Steel Inc. rose $3.15, or 4.2 percent, to $77.86.
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