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.
To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at firstname.lastname@example.org