Rebar for May delivery on the Shanghai Futures Exchange gained as much as 0.9 percent to 3,439 yuan ($568) a metric ton and traded at 3,429 yuan at 11:19 a.m. local time.
The benchmark seven-day repurchase rate, a gauge of interbank funding availability, slumped 29 basis points to 5.25 percent as of 9 a.m. in Shanghai, according to a weighted average compiled by the National Interbank Funding Center. Vale SA, the world’s largest iron-ore producer, considers a drop in the metal price in China as ‘transitory’ because the Asian country’s economic fundamentals are solid, chief executive officer Murilo Ferreira told reporters yesterday in Brasilia.
Iron ore futures for May delivery on the Dalian Commodity Exchange rose 1.2 percent to 857 yuan a ton. The steel-making material for immediate delivery fell 1.3 percent yesterday to $123.20 a dry ton, the cheapest since July 8, according to The Steel Index Ltd.
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. was little changed yesterday at 3,413 yuan a ton, the lowest since July 12.
To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at firstname.lastname@example.org