Steel reinforcement-bar futures in Shanghai fell for the first time in seven days on the prospect of slower economic growth in China.
Rebar for delivery in January on the Shanghai Futures Exchange fell as much as 0.4 percent to 3,665 yuan ($597) a metric ton before trading at 3,668 yuan at 10:30 a.m. local time. Futures rose to 3,705 yuan yesterday, the highest price for a most-active contract since April 22.
China’s stock market has fallen 9.9 percent this year as data from industrial production to exports pointed to a slowdown in the economy and as money-market rates reached record highs last month. China isn’t pursuing urbanization to attract investment, the official Xinhua News Agency reported yesterday, citing China Iron & Steel Association vice chairman Liu Zhenjiang.
“Investors aren’t optimistic on the economic growth outlook in the second-half of this year,” said Wu Zhili, an analyst at Shenhua Futures Co. in Shanghai.
Iron ore for immediate delivery at Tianjin port advanced for a seventh day yesterday, adding 1.1 percent to $130.40 a dry ton, the highest since April 30, according to The Steel Index Ltd. The average spot price for rebar in China climbed 0.1 percent to 3,441 yuan a ton yesterday, according to data from Beijing Antaike Information Development Co.
To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at email@example.com
To contact the editor responsible for this story: Brett Miller at firstname.lastname@example.org