Steel reinforcement-bar futures in Shanghai were little changed as China’s steel output climbed and iron ore prices increased.
Rebar for delivery in January on the Shanghai Futures Exchange was at 3,628 yuan ($594) a metric ton at 10:21 a.m. local time from 3,625 yuan yesterday. Prices earlier climbed to 3,636 yuan, the highest level since Sept. 25.
China’s average daily crude steel output rose to 2.15 million tons in late September from 2.14 million tons in mid-September, Shanghai-based Xiben New Line said in a statement on its website, citing data from the China Iron & Steel Association. Iron ore for immediate delivery at Tianjin port gained 0.4 percent yesterday to $133.60 a dry ton, according to a price index compiled by The Steel Index Ltd.
“Investors are cautious with higher raw-material prices and increased supply,” said Wang Yongliang, an analyst at Beijing Cifco Futures Co. in Tianjin.
China’s Dalian Commodity Exchange will start trading the country’s first iron ore futures for physical delivery on Oct. 18, the bourse said in a statement on its website yesterday.
The spot price of rebar rose 0.3 percent yesterday to 3,518 yuan, according to Beijing Antaike Information Development Co.
To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at email@example.com