Steel reinforcement-bar futures in Shanghai swung between gains and losses before a key policy meeting in China starting tomorrow that may introduce measures to curb polluting industries.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, rose as much as 0.2 percent and declined as much 0.4 percent before trading at 3,670 yuan ($602) per metric ton at 11:21 a.m. local time.
China’s Communist Party will hold its third plenary session of Central Committee starting tomorrow, according to Xinhua News Agency. The meeting is expected to unveil policies on structural reform, including curbing inefficient steel production capacity, according to Luzheng Futures Co.
“The market expects the government to seriously tackle the pollution issue and those measures will spur a rebound in rebar,” Luzheng Future’s analyst Ren Xinlei said from Jinan.
Iron ore for May delivery on the Dalian Commodity Exchange fell 0.5 percent to 940 yuan a ton. The steel-making material for immediate delivery at Tianjin port tracked by The Steel Index lost 0.2 percent to 136.90 yuan a ton yesterday.
China imported 670 million tons of iron ore in the first 10 months this year, up 10 percent from a year earlier, the country’s customs agency said today.
The spot price of rebar gained 0.1 percent to 3,555 yuan a ton yesterday, according to Beijing Antaike Information Development Co.
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