Steel reinforcement-bar futures in China rose for a fourth day after China’s export and import growth unexpectedly accelerated in April.
The contract for delivery in October on the Shanghai Futures Exchange rose as much as 0.9 percent to 3,658 yuan ($595) a metric ton, matching yesterday’s peak that was the highest level since April 26. Futures traded at 3,645 yuan at 11:09 a.m. in Beijing.
Exports (CNFREXPY) rose 14.7 percent, the General Administration of Customs said today in Beijing, compared with the 9.2 percent median forecast of analysts surveyed by Bloomberg News. Imports advanced 16.8 percent, while the trade surplus of $18.2 billion was higher than projected.
“The positive trade data gave the rebar market a boost,” Ren Xinlei, an analyst at Luzheng Futures Co., said by phone from Jinan. “Investors are betting the improving economic environment will revive demand,” he said.
The average spot price for rebar gained 0.3 percent to 3,592 yuan yesterday, according to the Beijing Antaike Information Development Co. Spot iron ore at Tianjin port rose 1.5 percent to $130 a dry ton yesterday, Steel Index Ltd. data show.