Rebar Set for Fourth Weekly Gain as China Exports Beat Forecasts
Steel reinforcement-bar futures in Shanghai climbed, poised for a fourth weekly gain, before week- long Lunar New Year holidays and as China’s exports rose more than estimated in January.
Rebar for delivery in October, the most-active contract by volume, rose as much as 0.9 percent at 4,293 yuan ($689) a metric ton on the Shanghai Futures Exchange and traded at 4,286 yuan at 11:22 a.m. local time. Futures have gained 1.5 percent this week. The contract for delivery in May, which had the most open interest, rose 0.2 percent to 4,131 yuan.
Overseas shipments increased 25 percent from a year earlier, the customs administration said on its website today. That’s higher than the 17.5 percent median estimate in a Bloomberg News survey of 33 economists. Imports rose 28.8 percent, leaving a trade surplus of $29.15 billion.
“Strong economic data fueled expectations for rebar demand,” Long Qingqing, analyst at Huatai Great Wall Futures Co., said in a report today.
Iron ore for immediate delivery was unchanged at $155.10 a ton yesterday, according to a price index compiled by The Steel Index Ltd. The average spot price for rebar was little changed at 3,790 yuan a ton on Feb. 6, according to data from Beijing Antaike Information Development Co.
To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at firstname.lastname@example.org
To contact the editor responsible for this story: Brett Miller at email@example.com