Steel reinforcement-bar futures were little changed amid expectations that seasonal demand will pick up in the spring, helping traders reduce inventory after prices declined in the past four weeks.
Rebar for delivery in October on the Shanghai Futures Exchange was at 3,833 yuan ($616) a metric ton at 10:15 a.m. local time, trading between a gain of 0.4 percent and loss of 0.3 percent. The contract dropped to a three-month low of 3,741 yuan a ton on March 14 and has declined 3.9 percent this year.
The average spot price of rebar gained yesterday for the first time since Feb. 20, advancing 1.1 percent to 3,694 yuan a ton, according to data from Beijing Antaike Information Development Co.
“The spot price has become more resilient, showing early signs of a pick-up in demand that will help destock high inventory and support futures,” Wu Zhili, analyst at Shenhua Futures Co. said in a report today.
Raw-material iron ore for immediate delivery was unchanged at $134.60 a ton yesterday, according to data compiled by The Steel Index Ltd.
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