Steel reinforcement-bar futures pared the first weekly gain in five on concern that growth in China will falter and Europe’s debt crisis may worsen.
Rebar for delivery in October on the Shanghai Futures Exchange fell 0.2 percent to 3,895 yuan ($627) a metric ton at 9:57 a.m. local time, trimming this week’s gain to 0.9 percent.
The Shanghai Composite Index has dropped 4.4 percent from its Feb. 6 peak on concern that an economic recovery will weaken as officials take steps to cool the property market and counter risks for banks from an expansion in credit.
“Lower raw-material costs, a weak PMI in the euro region and a crisis in Cyprus all kept sentiment in check,” China CIFCO Futures Co. said in a report today.
Iron ore for immediate delivery at Tianjin port was little changed at $134.20 a ton yesterday, according to data compiled by The Steel Index Ltd. The average spot price of rebar was little changed yesterday at 3,683 yuan, according to data from Beijing Antaike Information Development Co.
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