Steel reinforcement-bar futures fell, paring the first weekly gain in five, on concern that growth in China will falter and Europe’s debt crisis may worsen.
Rebar for delivery in October on the Shanghai Futures Exchange fell 0.6 percent to close at 3,878 yuan ($624) a metric ton today, trimming this week’s gain to 0.5 percent.
The Shanghai Composite Index has dropped 4.4 percent from its Feb. 6 closing peak on concern that an economic recovery will weaken as officials take steps to cool the property market and counter risks for banks from an expansion in credit.
“Lower raw-material costs, a weak PMI in the euro region and a crisis in Cyprus all kept sentiment in check,” China CIFCO Futures Co. said in a report today.
Iron ore for immediate delivery at Tianjin port was little changed at $134.20 a ton yesterday, according to data compiled by The Steel Index Ltd. The average spot price of rebar was little changed today at 3,686 yuan, according to data from Beijing Antaike Information Development Co.