Rebar Drops as China Economic Growth Signals Recovery Faltering
The contract for October delivery on the Shanghai Futures Exchange fell as much as 2.4 percent, the most since April 1, to 3,745 yuan ($605) a metric ton and was at 3,749 yuan at 10:49 a.m. local time.
China’s gross domestic product rose 7.7 percent from a year earlier, the National Bureau of Statistics said in Beijing today. That compares with the 8 percent median forecast in a Bloomberg News survey of 41 analysts and 7.9 percent in the fourth quarter. March industrial production gained less than estimated while retail-sales growth matched forecasts.
“Rebar is the collateral damage of this across-the-board selloff in industrial commodities,” Yu Yang, analyst at Shenyin & Wanguo Futures Co., said by phone from Shanghai today.
The spot iron ore at Tianjin port was little changed at $141.00 a dry ton on April 12, The Steel Index Ltd. data show. The average spot price of rebar was little changed at 3,645 yuan a ton on the same day, according to Beijing Antaike Information Development Co.
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