By far the most important factor behind steel's revival, however, is China's booming economy.

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Palladium, on the other hand, is used more in gasoline-powered engines that are popular in North America and China, and that is another factor underpinning palladium, Steel said.

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But by far the biggest factor in the resurrection of the steel industry is China.

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But even if the figure is too high by a factor of 10, the gain to China's steel industry would outweigh the projected costs to its airlines.

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The rise appears to be the result of traders continuing to factor in ongoing supply concerns rather than any fresh breaking news, said Jim Steel, precious-metals analyst with HSBC.

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Curators installed Inigo Manglano-Ovalle's "Red Factor, " a parachute-like piece reaching a wall of windows with angled steel frames from the first floor.

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