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Rebar Near One-Month Low on Looming China Property Market Curbs
Steel reinforcement-bar futures in Shanghai traded near the lowest level in more than a month as the Chinese government prepared property-control measures.
Rebar for October delivery fell as much as 1.1 percent to 3,971 yuan ($636) a metric ton on the Shanghai Futures Exchange, the lowest price since Jan. 17 for the most active contract. It traded at 4,019 yuan at 10:58 a.m. local time.
The government has completed a draft of property controls designed to cool the real estate market, Shanghai Securities News reported today. China may also tighten monetary policy because of excessive liquidity in the market and rising home prices, China Securities Journal said in a commentary today.
“There’s expectations that the government will introduce more measures to curb real estate investments after the National People’s Congress, which will reduce demand for rebar,” Shenyin & Wanguo Futures Co., said in a report today.
New home prices rose in most cities the government tracked in January. Cities that have had “excessively fast” price gains should impose home-purchase restrictions if they’ve not done so already, according to a statement released Feb. 20 after a State Council meeting headed by Premier Wen Jiabao.
The average spot price for rebar fell 0.7 percent to 3,840 yuan a ton yesterday, according to data from Beijing Antaike Information Development Co. Iron ore for immediate delivery fell 1.1 percent yesterday to $151.90 a ton, according to data compiled by The Steel Index Ltd.
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