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Since steel is widely used in construction and manufacturing, Biden’s proposed spending could be a transformational investment that will afford steel producers great growth opportunities. Furthermore, because China has vowed to limit steel output this year to curb industrial pollution, steel prices are soaring.
And because this spike in steel prices is likely to continue in the near term, we think iron ore stocks BHP Group (BHP) and Vale S.A (VALE) could be ideal bets to cash in on the uptrend.
