Steel reinforcement-bar futures in Shanghai swung between gains and losses as China may introduce measures to contain property prices after home prices climbed in 69 out of 70 cities last month.
Rebar for delivery in May on the Shanghai Futures Exchange was little changed at 3,645 yuan ($598) a metric ton at 9:58 a.m. local time, after gaining as much as 0.4 percent and losing as much as 0.3 percent.
New home prices rose last month from a year earlier in 69 out of 70 cities tracked by China’s statistics bureau, according to a statement on the bureau’s website today. New home prices rose in September from a month earlier in 65 out of 70 cities, it said.
“Traders turned cautious in purchasing in the spot rebar market after home prices rose, which is pressuring the futures market,” said Tina Tong, an analyst at Shanghai Steelhome Information Technology Co.
The spot price of rebar fell 0.3 percent to 3,490 yuan a ton yesterday, according to Beijing Antaike Information Development Co.
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