Contributing to the pullback by the broader markets, steel stocks are seeing considerable weakness during trading on Friday amid concerns about the outlook for global demand.
The losses by steel stocks are dragging the NYSE Arca Steel Index down by 2.8 percent, with the index pulling back further off the six-month closing high it set last Friday.
Disappointing Chinese economic data has contributed to the weakness among steel stocks, with a report showing a notable drop in Chinese imports raising concerns about the level demand in the communist country.
The report showed that the value of Chinese imports in January was down 15.3 percent compared to the same month a year ago.
The drop by steel stocks also reflects renewed concerns about the ongoing Greek debt crisis, with traders worried about the impact of a potential Greek default on the global economy.
Within the steel sector, Mechel (MTL) is turning in one of the worst performances, sliding by 4.7 percent. Arcelor Mittal (MT) and AK Steel (AKS) are also posting steep losses.
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