(Bloomberg) -- Steel producers are the most shorted North American materials stocks heading into the first earnings season of 2020, which will provide investors with a better picture of the mayhem caused by the Covid-19 pandemic.

U.S. Steel Corp. and Cleveland-Cliffs Inc. are the two most shorted materials stocks, according to IHS Markit data. U.S. Steel has 53% and Cleveland-Cliffs has about 29% of its free float shorted by bears who are betting the stocks will fall.

The steel industry has been upended by the coronavirus outbreak, with governments imposing lockdowns to try to prevent the spread of the disease. Last week, data from the American Iron and Steel Institute showed U.S. steelmakers are using less of their plant capacity than at any time since shortly before Donald Trump became president. Cleveland-Cliffs said earlier it will temporarily idle production at two of its iron ore mining operations, citing “extraordinary disruptions” in manufacturing and steel production in North America due to Covid-19.

READ: A Daredevil’s Guide to a Very Wild Earnings Season

On the flip side, uranium stock NexGen Energy Ltd. and precious metals miner Endeavour Silver Corp. have the lowest short interest within the group. Uranium prices recently saw an uptick after several supply disruptions due to Covid-19. And gold and silver prices have remained strong throughout the crisis due to safe-haven demand and government stimulus.

Another potential gauge for how materials investors are positioning for the upcoming earnings season is the weekly change in short interest for the stocks.

Trinseo SA had the biggest increase in short interest, with a 63% rise compared to last week, while Chemtrade Logistics Income Fund had the biggest decline in short bets, down 12%.

Here are the top five stocks with biggest changes in weekly short interest:

Top Gainers:

  • Trinseo SA, +63%
  • Premier Gold Mines Ltd., +17%
  • MAG Silver Corp., +8.1%
  • Warrior Met Coal Inc., 8.1%
  • First Majestic Silver Corp., +7.0%

Biggest Decliners

  • Chemtrade Logistics, -12%
  • Seabridge Gold Inc., -8.5%
  • Endeavour Mining Corp., -7.1%
  • Westlake Chemical Corp., -7.1%
  • Endeavour Silver Corp., -6.4%

NOTE: The North American materials stocks were sorted by market value larger than $100 million, short interest greater than 5% and companies that are reporting earnings within the next 30 days. The data is as of April 13.

©2020 Bloomberg L.P.